| 24-May-2013 0905 IST or 0335 GMT or 2335 EST |
GOOD MORNING! Most of the global markets are around their short term supports. So we may see some bounce from current levels in most indices. Nifty (5967.05, -127.45) was down 2% in trade yesterday. Breach below 5950 may see Nifty head lower to 5850 which will be a key level to watch. If Nifty manages to hold 5850 we may again see the index heading higher to 6200 in the medium term. Dow Jones (15294.50, -12.67) recovered most of its losses after opening gap down. Unless the Dow breaks above 15400 we may see weakness which may see the Dow heading down to 15100 to 15000. Dax (8351.98, -178.91) too saw a huge fall. Dax too has closed around the support zone of 8350 to 8300. If this support holds we may see the Dax again move towards the 8600 levels. But a break below 8350 to 8300 levels may see the index slide to 7900. Nikkei (14,878.40, +394.46) after having fallen around 1000 point yesterday is seeing some rebound today. Presently the index is holding on to the supports of 14800. If this supports hold we may see the Nikkei heading higher towards the 15200. Shanghai Composite (2281.85, 6.51) is also close to the supports of 2275 and may see a move to 2325 if 2275 holds. So we expect a trading band of 2325 to 2250 for the Shanghai going forward. COMMODITIES CURRENCIES INTEREST RATES DATA TODAY |
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These views/ forecasts/ suggestions, though proferred with the best of intentions, are based on our reading of the market at the time of writing. They are subject to change without notice.Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. Those acting in the market on the basis of these are themselves responsible for any profits or losses that might occur, without recourse to us. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.
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