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Friday, October 9, 2009
Nifty closes at 5000 level in volatile trade! Infosys results and guidance will decide the breakout/down now!
Markets have opened in positive territory, with the help of RIL however, volatility witnessed through out the day, finally Nifty managed to close at 5002 level on adjustment basis. It was clearly visible to see that markets entered indecisive zone, and wait for the results of Infosys and its guidance, in the background of rupee strengthening. ECB left the rate unchanged at 0.50% overnight, which brought some cheers amongst European and US Markets, which posted gains. Korean Central Bank also has left the rate unchanged, as reports pore in today. Chinese markets open after a long holiday, and are catching up with global uptrend currently. Rupee appreciated to 46.35 levels due to weakening of dollar, and selling by exporters, who are fearing further weakening of USD, RBI intervention in purchasing Dollars protected the rupee to breach 46 levels.
SGX is currently trading in positive territory flat currently cannot give any indication today, as Infosys results will be announced around 09.30 a.m. before market opening. Nifty which is moving in the band of 4910 to 5110 has given a sell signal for short term, and whether it is consolidating here for the next upmove, which takes nifty beyond 5250 or breaks down for going into deeper correction will be known once the range is broken with large volumes(participation).
In my view, appreciation of rupee coupled with gains in stock prices, will be double whammy of profits for FIIs to exit at current levels, which they have been doing. So there is necessity to watch Exchange movement, FII activity, to correlate the Nifty movement from now, which is little complex, for an ordinary investor or trader to cope with.
Nifty Range for the Day: 4950 - 5020 - 5050 - 5080.
Posted by BK VRK Rao at 8:51 AM
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