YESTERDAY'S MAJOR NEWS:
Reliance Industries in Marcellus Shale JV with Carrizo Oil & Gas; the stock closes 0.88% lower.
Larsen & Toubro bags Rs1,749 crore orders; the stock closed higher by 0.17%.
Food inflation eases to 9.53%.
The markets eased in late trade yesterday as the two and half year high levels triggered plenty of profit selling. The market opened on a firm note, tracking gains in Asian stocks. The market extended gains in morning trade, with the key benchmark indices hitting 2-1/2-year highs. The BSE Sensex lost out after nearing to 18300 levels and a moderation throughout the day was seen giving way to a substantial wave of across the board sell off as the Sensex dropped 44.61 points or 0.24% to close at 18172.
A likely increase in interest rates by the Reserve Bank of India (RBI) at a mid-quarter policy review on 16 September 2010 triggered profit taking. Stock-specific buying continued based on the first quarter result announcements/expectations about first quarter results of individual firms. Two Sensex stocks - TCS and State Bank of India (SBI) scaled record highs.
NSE's volatility index, India VIX, a gauge of traders' perception of near-term risks in the market based on options prices, rose 3.93% to 17.71.
European shares edged higher yesterday, after some well-received corporate results and status quo on lending rates from the Bank of England. The key benchmark indices in UK, France and Germany were up by between 0.49% to 1.11%.
Gold touches $1200 mark. Prices rise as Indian wedding season nears. Crude ends lower for the second straight day;
FOR TODAY: Today's pivotal non-farm payrolls report in US may play in our market. The US markets edged lower on Thursday as an unexpected rise in initial jobless claims and unimpressive July retail sales dimmed optimism ahead of the monthly payrolls report. The European markets edged lower on Thursday (August 05, 2010), slipping from the three-month highs hit earlier in the session, as weekly jobs data from the United States heightened concerns over the economic recovery. The Asian markets fell in early trades, dragged down by renewed worries over the pace of the economic recovery as US jobless claims rose unexpectedly. SGX Nifty was trading 10 points lower, suggesting to have a flat start on the Dalal Street.
I will watch for breaking 5441 on the downside and then 5333. If breaks these two level, 5418 may be achieved. On the upperside, if Nifty future able to clear 5467 and 5480 level, I will go long.
NOTE: TRADE SAFE AND ALWAYS PUT YOUR STOPLOSS. STOPLOSS WILL PREVENT YOU LOOSING MONEY IN STOCK MARKET.
I am not sure whether I will be able to be online or not. In any case, if I trade anything, I will post the same on comments section in the blog: "jaystockmarketsinindia.blogspot.com"
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