Indian Indices fell for the fifth straight day in a row.I am sure the macro economic factors have started affecting us in a big way.Today,we may see a gap up opening tracking the rally of the US and European indices.Asian indices are trading positive for the day.Stay cautious at higher levels and retail intra-day traders, kindly have a stop-loss.
Italy’s Q3 GDP is set to be released today. As the country is reeling under pressure to plug the deficit hole am sure the GDP numbers would negatively surprise.But as this is widely expected I don't expect a Knee jerk reaction by the markets.Keep an eye on the same.
Europe's VStoxx -the volatility Index or the Fear Index is at the lowest level in 4 1/2 months.
Existing home sales in the US will be announced today and it is expected to gather momentum.
Back home, Winter session of the Parliament is extended till December 29th.If measures are not taken to control the fiscal deficit we are in for a deep trouble,as the FIIs have pushed the panic button and is evident from the fact that most of the Nifty 50 stocks making yearly lows and CLSA downgraded India to Neutral from Over-weight.
On 7th of December Nifty futures made a high of 5134.65 and we made a low of 4538 yesterday.A fall of about 12% within 2 weeks.With most of the Nifty 50 stocks hitting yearly lows , the heavy weight Reliance Inds hit 52 week low in yesterday's trade.Since December 1st, the interesting thing about our markets is, everyday we made a low which was much lower than the previous close.
Let us hope that the policy makers fix the policy deficit, it would do more good in bringing down the fiscal deficit.Traders around the world have started talking about the Santa Claus rally and it seems to be materializing.I hope we catch that virus.
