Market Report

After a slight drop in inflation data,the markets rebounded in the later part of the day.This data is for the week ended November 12th 2011.Next week's data can be expected to be lesser than this, as the Oil marketing companies reduced the prices.SBI, L&T, and BHEL hit 52 week's low. Retail stocks rose amidst news that 51% FDI in Multi-brand retail will be proposed by the cabinet. Finally the cabinet cleared the 50% FDI in multi-brand retail and 100% in single brand retail.

US markets are closed on account of thanks giving day.Today, US markets are opened for half day(Will be closed at 1 PM US time). Almost all the European indices closed in red after erasing the initial gains.

SGX nifty is trading at 4725 at 0730 hours IST.

Today is the first day of December series and expect huge premium in the Nifty futures to the spot.I expect the markets to open lower for the day, tracking Asian peers and we are likely to move lower.I don't expect a bounce back in the later part of the day as the News from Europe is not optimistic.We shall trend lower after the Europe opens for the day.


Alex sir's Views:-
Resistance for Nifty is at 4765 and 4805 -4844.

Support is at 4725,4700 and 4639