WHAT A RALLY!!! Indian Market opened with a big gap up in view of global cues and Asian markets and ultimately closed at 5110. Though it looks Indian Markets are out of wood for the time being, but still it is looking for global cues for a trigger whether it is good or bad!
Globally, the immediate event to watch out for is Friday's monthly jobs report in the US. Overall, data points coming from the world's largest economy suggest continuing recovery which should stand the world markets in good stead in the future. However, the euro-zone debt crisis, a softening Chinese economy and political instability in Japan are some of the factors that could keep a lead on stock market. One also has to keep a constant eye on the euro-dollar rate as it has assumed significant importance due to the euro-zone's fiscal stress. European stocks rose to two-week high on Thursday as investors confidence in the global economy improved after strong US data and the Markit Euro zone Services Purchasing Managers' Index showed the services sector was expanding in May and the Final Services Employment Index showed its first jobs growth since June 2008. All the major Asian indices closed positive except Shanghai Composite that closed lower by 0.73%.
FOR FRIDAY:: Nifty may open flat to negative at par with Asian Markets. SGX Nifty now showing around 5067 (-30). Watch 5060-5064 level on the downside and 5110-5137 level on the upside. Trade accordingly. If trades below 5060 with volumes, nifty may drift down to 5010-5015 level and above 5137, we may hold for 5221-5245 level.
Disclaimer:: I have short position in Nifty. I may exit today itself and go long depending on market situation. I may have some vested interested for the recomendations. Traders/Investors are advised to trade as per their own risk taking apetite.
For more calls during trading hours, I will post in the blog "jayfromstockmarketsinindia.blogspot.com" which is free but only on invitation basis.
No comments:
Post a Comment