DOW gave up all its gains in the second part of the trading day when Moody's downgraded Greece's debt rating to Junk.If you remember, Six weeks ago, Moody's rival Standard & Poor's cut its rating on Greece's debt to junk.
What does it mean and how it will affect the World Markets?
A junk status means it will be removed from certain Benchmark indices and people who are invested into those Benchmarks are likey to sell.
“This doesn’t look good and I expect another round of sell-off,” said Christoph Rieger, co-head of fixed-income strategy at Commerzbank AG in Frankfurt.
Our markets are expected to open flat to negative and stocks like RIL will decide the course of our markets after the opening.
If RIL moves below 1051 sell it with a SL of 1058 for an Intraday Tgt of 1042/1036.
Nifty is weak only below 5152.A move below 5152 can take the Nifty levels to 5120.
