Markets pared all the gains made in Friday but managed to close 20pts. gain over the last weak. The Indian story is good but the screenplay is confused to give a decisive support either to bulls or to bears. This week will like to set the trend as the monsoon; political equations over the economic policies will create a platform for a decisive move. It is evenly spread that the June series may end smoothly without much damage to either side as the important results fall in the July series. Now the bulls strength lies in their ‘hopes’ of the 1st. quarter results, i.e. more than 20% growth in profits, especially in technology and banking sectors.
Personally, I think that the markets likely to correct deeply as the liquidity absorbed by the DLF and ICICI and may under perform after the listings. Unless the DLF quote above 650-675, it will create after effects in the whole market.
The markets are relatively strong so long it trade above 4121 level and RIL above 1620 level. In case tomorrow Nifty fails to close above 4193 level and any small correction in the Asian markets will trigger to crack our markets.
Sunday, June 17, 2007
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