Market sentiment was seen at sea over the past week. There were a quick wave in the NIFTY and it retraced back to below the 5000 mark quite as fast. This week could turn out to be a game changer considering the expected outcome of the string of meetings scheduled over the week.
Fortunately or unfortunately, the global cues for today don’t really seem too positive. Asian markets were down, with Japan losing nearly 2.5% and Taiwan following close by. It is however the Hang Seng that is worrying, posting a cut of about 4%. China is set to remain closed till October 7 on account of the Chinese new year celebrations and S Korea too is shut today.
The US markets had closed in the red on Friday- Nasdaq and S&P500- though the Dow had had a good week.
European markets too were weak, the FTSE closing 1.32% lower and the CAC too pulled down by the negative sentiment with regard to the French banks. All of them closed badly. In fact, news from the Eurozone is even more worrying now. The inflation rate in the region has jumped up 3% in September on a month-on-month basis. Also, Greece has now come out with a statement that they will be defaulting on their debt this year and budget deficit is likely to come in 8.5% of GDP, missing the 7.6% target set by the EU and IMF. The finance ministers of the Eurozone are scheduled to meet at Luxemburg shortly.
Intraday Levels:
Support: 4870-4835-4800
Resistance:4920-4950-5000
Global Cues: Weak
S&P500_Futures 1121.50 -4.50
SGX Nifty:4851
Watch out: ADAG ,SBI shares And Mining stocks.
Fortunately or unfortunately, the global cues for today don’t really seem too positive. Asian markets were down, with Japan losing nearly 2.5% and Taiwan following close by. It is however the Hang Seng that is worrying, posting a cut of about 4%. China is set to remain closed till October 7 on account of the Chinese new year celebrations and S Korea too is shut today.
The US markets had closed in the red on Friday- Nasdaq and S&P500- though the Dow had had a good week.
European markets too were weak, the FTSE closing 1.32% lower and the CAC too pulled down by the negative sentiment with regard to the French banks. All of them closed badly. In fact, news from the Eurozone is even more worrying now. The inflation rate in the region has jumped up 3% in September on a month-on-month basis. Also, Greece has now come out with a statement that they will be defaulting on their debt this year and budget deficit is likely to come in 8.5% of GDP, missing the 7.6% target set by the EU and IMF. The finance ministers of the Eurozone are scheduled to meet at Luxemburg shortly.
Intraday Levels:
Support: 4870-4835-4800
Resistance:4920-4950-5000
Global Cues: Weak
S&P500_Futures 1121.50 -4.50
SGX Nifty:4851
Watch out: ADAG ,SBI shares And Mining stocks.
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