As I have written in my Friday's article, we have drifted lower after the European markets opened.Hope it helped you to take informed decisions.And finally we closed at 2 year lows.After the Cabinet's proposal to allow FDI in retail news is announced , the retail stocks rose and the aviation stocks rose too expecting similar move by the cabinet in the aviation sector.After a strong criticism from the opposition on allowing FDI in retail and the problems with already sinking airlines like AI and KFA, it would be interesting to watch the Government's move on FDI in retail.
I expect our markets to open positively tracking the Asian peers and hitting 4800 today is more likely.Though,in the International front, no bad news is expected for the day(US October new home sales will be announced at 2030 hours IST- Expected to dip>>Avoid carrying longs for Tomorrow), keep an eye on Indian Rupee.
Alex sir's views:- Support for the day is at 4684 and the resistances are at 4858 ,4865 and 4876.
Though we may see a bounce back for the day, the overall outlook is negative.
