Our indices opened firm with positive bias and profit booking emerged around 5147 level which is very close to 200DSMA level, as predicted in yesterday's posting, after trading around 5100 level for quite some time, finally Nifty closed below it, a head of an important Policy Decision from RBI, and also what measures shall be intiated in today's meeting. More than the measures to be announced today, analysts and economists will look forward to the statement to be made by RBI Governor on Inflation, GDP growth, Liquidity Management, Interest rates scenario and also the recent problem of Forex Derivatives, which have put number of companies into surprising situation, where they have suffered huge losses, due to the AS-30 norms made compulsary from 31.03.2008 by ICAI.
Some volatility can be there just around the announcement of RBI decision on interest rates announcement and there after, but Nifty might trade in a range for the day, looking forward to another important meeting of FOMC which takes place tomorrow. Any how, 5150 level cannot be cleared so easily, since it is broken long back and some very strong, good news is required to surpass the same with overall participation, and volumes to take the Nifty into bulls camp. Nifty futures having closed at 16 points premium suggests optimism of players, which invites profit booking or bull unloading on any bad news. Margin for error is thus, not there at all. Singapore Nifty futures are trading at 7 points discount right now.
Range for the Day: Nifty might trade in the range of 5030 to 5150today.
Note: Another review and posting will be made after the announcement of RBI policy, intra day.
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