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Dealer’s Diary
Indian markets are expected to have weak opening taking cues from early
trade in all the Asian markets and negative closing of global markets on
Monday. The Indian markets again closed in red yesterday after data showed
9.3% inflation for October (11th consecutive month of inflation above 9%).
Also dismal performance on the results front by Tata Steel and M&M and a
fall in the European markets further weakened the sentiment.
Globally too the situation was similar; the US and European markets closed
down as the financial condition of Europe remains bleak. Weak sentiment
prevailed across global markets as Italy’s borrowing costs rose at a
government bond auction and IIP number for eurozone for September came
in at 2.2% (estimate – 2.7%), pointing to a recessionary condition in the euro
zone.
Meanwhile, today investors will keenly watch out for Q3CY2011 GDP data
of eurozone as well as retail sales data of US economy for September month
which will indicate the kind of consumer spending prevailing in global
economies.
Markets Today
The trend deciding level for the day is 17,201/5,173 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 17,308–17,498/5,205–5,261 levels. However, if NIFTY trades
below 17,201/5,173 levels for the first half-an-hour of trade then it may correct
up to 17,011–16,904/5,116–5,084 levels.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Dealer’s Diary
Indian markets are expected to have weak opening taking cues from early
trade in all the Asian markets and negative closing of global markets on
Monday. The Indian markets again closed in red yesterday after data showed
9.3% inflation for October (11th consecutive month of inflation above 9%).
Also dismal performance on the results front by Tata Steel and M&M and a
fall in the European markets further weakened the sentiment.
Globally too the situation was similar; the US and European markets closed
down as the financial condition of Europe remains bleak. Weak sentiment
prevailed across global markets as Italy’s borrowing costs rose at a
government bond auction and IIP number for eurozone for September came
in at 2.2% (estimate – 2.7%), pointing to a recessionary condition in the euro
zone.
Meanwhile, today investors will keenly watch out for Q3CY2011 GDP data
of eurozone as well as retail sales data of US economy for September month
which will indicate the kind of consumer spending prevailing in global
economies.
Markets Today
The trend deciding level for the day is 17,201/5,173 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 17,308–17,498/5,205–5,261 levels. However, if NIFTY trades
below 17,201/5,173 levels for the first half-an-hour of trade then it may correct
up to 17,011–16,904/5,116–5,084 levels.
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