The Nifty is holding its crucial support level of 3,500, though it has breached the 3,600 level and closed at 3,593 yesterday.The key benchmark indices fell for the second straight day after the exit polls indicated a fractured mandate for the just-concluded parliamentary election.
If the exit polls are correct, forming a government is going to be a tortuous process and the next ruling coalition will be a fragile affair. Yet the benchmark Sensex index on the Bombay Stock Exchange did better than most of the Asian indices on Thursday, staving off the worst of the expected double whammy from the prospect of prolonged political uncertainty and faltering global markets.But how true is the Exit polls?.Read this,In 2004 elections the exit polls predicted Samajwadi party will win 4 seats.But when the actual results were out they have won 27 seats.So we advise traders and investors to not carry forward any positions for monday.
Reports:-
FIIs net sell Rs 489cr in F&O on Thursday.
Indian cos expect economy to be normal only in the second half of '09-10: CII survey.
RBI survey lowers growth projection for next 10 years to 7.5%
CIL may import non-coking coal for first time.
Eveready ties up with French firm for overseas ventures.
UBH gets shareholder nod for Rs 12k crore guarantee for KFAirlines.
Bond yields up on poll outcome worries and rose ahead of $2.4 bn on account of debt sale.
Libor has biggest drop in eight weeks.
RBI urged to enhance credit deposit ratio for co-op banks
NTPC inks Rs 8,500 cr loan pack with SBI
Reliance Big Entertainment's twenty film projects approved.
ONGC to cancel rig deal with Great Offshore
SC stays TDSAT judgment on BSNL's spectrum.
Maruti, Tata hunt for US, European car engineers.
Overall IT spend to dip 3.7 per cent in 2009.
SBI corrects results, says no material change.
Axis Bank again cuts lending rate by 50 basis points.
Bank of Maharashtra Q4 net up 145.24%
Canara puts NPA sale on hold.
DHL Express, BPCL ink MoU for retail alliance.
Nestle restores partial production at Pantnagar
United Phosphorus up on MSCI India inclusion.
Cairn India is open to buying the 30 per cent stake that government-owned Oil and Natural Gas Corporation (ONGC) owns in its oil block in Rajasthan. Cairn India is the operator of the block, with 70 per cent ownership currently.
DLF seeks shareholders nod for hiving-off wind power biz.
Hirco posts loss of 30 mn pounds for H1 2009.
Banking, tech shares boost US markets.
British Telecom swings into Q4 loss; to cut 15,000 jobs.
ArcelorMittal to slash workforce.
India pips US, Russia to be world's third-largest steel maker.
Sony posts first annual loss in 14 yrs.
Rupee falls to 49.79 mark.
IEA cuts oil-demand outlook as recession lingers.Oil demand seen dropping at fastest pace since 1981.
Oil prices up in Asian trade.
Gold prices ease, buyers seek more falls.
Asian markets have today opened on a postive note.The Hang Seng has surged 378 points (2%) to 16,920. The Nikkei has advanced 151 points (1.5%) to 9,245 after the Sony Corp predicted that their annual loss would be smaller than expected.
The Shanghai Composite has added 13 points to 2,654 and the Straits Times has gained 43 points (2%) at 2,165.
The Seoul Composite is up over 14 points (1%) at 1,395 and the Taiwan Weighted has increased 134 points (2%) to 6,499.
Singapore Nifty is trading at 3615.5 at 9.30 AM IST.
View:- Marekts are expected to be extremely Volatile.Traders are not advised to carryforward any positions for the weekend.If nifty falls below 3578 levels, sell Nifty for a target of 3528.And if bank nifty falls below 5406,sell Bank Nifty for a Target of 5328.Trade with Strict Stop Loss.
