Markets on Friday hit the lows of the day after
the open and then started moving up around noon and hit fresh highs for
the day.One reason being the short squeeze above the key resistance
levels and the other reason being the successful EU bond auction on
Thursday at a lesser yield.Friday was the 12th consecutive trading day
wherein the Nifty hit intraday highs which was above the previous
close.(Meaning-You could have made money by holding overnight long
position around the closing price). Reliance Industries edged lower for
the day.Finally the indices lost the gains in the last hour of trade to
end up by three fourth of a percentage.
European markets were volatile as there were news about France losing the AAA and the EU indices closed lower for the day.After the EU markets shut shop, S&P announced the new credit ratings of 16 EU nations and France lost its AAA rating.If you remember,USA was downgraded on Friday 5th,August 2011.
Click on the image for enlarged view.
This week we may see the banks of these nations downgraded as well.EFSF may be downgraded too.
France is set to auction 11 Billion USD worth of bonds today.Japanese indices are down by more than one and a half percentage in early morning trades.I expect our markets to open lower reacting to the S&P downgrade.Use strict stop losses for your positions and stay cautious.I expect the result season to be muted with earning downgrades and Forex losses.Inflation data for the month of December 2011 to be announced today and the results of TCS and HCL Tech to be announced tomorrow.
US markets are closed today on account of Martin Luther King Jr. Day.
Alex sir's Nifty(spot) view for the day.
Supports are at 4830 and 4800. Resistances are at 4865 and 4885
European markets were volatile as there were news about France losing the AAA and the EU indices closed lower for the day.After the EU markets shut shop, S&P announced the new credit ratings of 16 EU nations and France lost its AAA rating.If you remember,USA was downgraded on Friday 5th,August 2011.
Click on the image for enlarged view.
This week we may see the banks of these nations downgraded as well.EFSF may be downgraded too.
France is set to auction 11 Billion USD worth of bonds today.Japanese indices are down by more than one and a half percentage in early morning trades.I expect our markets to open lower reacting to the S&P downgrade.Use strict stop losses for your positions and stay cautious.I expect the result season to be muted with earning downgrades and Forex losses.Inflation data for the month of December 2011 to be announced today and the results of TCS and HCL Tech to be announced tomorrow.
US markets are closed today on account of Martin Luther King Jr. Day.
Alex sir's Nifty(spot) view for the day.
Supports are at 4830 and 4800. Resistances are at 4865 and 4885
