The markets are about to correct yesterday but could wait for a day with some favourable news from SEBI on FII fund inflow, easing norms of P-notes but there was no such announcements disappointed the street, resulted in a steep sell off.
The Govt. formally approved the 6th pay commission with affect from 1st Jan-06, average salary increase of 21% to 50 lakh central govt employees. The estimated total of 29,000+cr of arrears and fresh commitment of 17,800 crs fund flow to the pockets of Indians can trigger spending on consumer durables and prepayment of house loans and some fresh commitments on real estate. The govt. spending on agriculture loan waiver and this offer could be to a tune of more than 1 lakh crore fund dispersal to spur the consumer spending can accelerate the growth, internal consumption effects can be felt after the Jan-09.
The MARKET pulse check by STOCKOMETER: In the morning asked the reader to accept the yesterday given level as there was not much change to mention.
The markets opened below 4509, fell through out the day, took a bounce from 4451-53 level and finally took the support at 4421 level as expected, happened a day later. Today markets could stay above 4421.25 level but failed to lead a bounce back to close above 4461 level is a concern to the Bulls. (Earlier post…The Nifty may find first support at 4461-56 level but the best could be at 4419-21 level. The closing shall be above the first support level can console the bulls).
The RIL did not cross the 2345 level and became weak below 2305 touched 2261.35. The ONGC did not cross the resistance at 1085, RCOM weak below 441 and touched 420.10, the SBI and Relcap and ICICI lost much gound below the support levels (…..RCOM may get support at 421-23 level, The SBI is weak below 1525-23 level. The Relcap will become weak below 1393 level)
For Stock Specific Action, Visit: www.intradaystockcalls.blogspot.com
The STOCK-TRADING is a “Skill-FULL Job”. NEVER blame others for the LOSS/DEALS.
Never Forget: I may be wrong, You may be wrong but markets always RIGHT.
Thursday, August 14, 2008
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By Guy Faulconbridge
MOSCOW, Aug 14 (Reuters) - The outbreak of war between Georgia and Russia shocked most of the world last week, but an investment bank analyst predicted it two days in advance.
Georgian President Mikheil Saakashvili sent troops into the breakaway, pro-Russian region of South Ossetia on Aug. 7, on the eve of the Beijing Olympic Games, and Russia responded with overwhelming military force.
Geoff Smith, a Kiev-based analyst for Renaissance Capital investment bank, had anticipated the Georgian move with uncanny prescience in an e-mail two days earlier to a fellow strategist.
"So whaddaya think? I say Saakashvili is going to 'restore the territorial integrity of Georgia' five minutes before the opening ceremony starts in Beijing and dare the Russians to invade while the games are on?" the note said.
Reuters has seen a copy of the e-mail and confirmed its validity with both the sender and recipient of the message.
The Kremlin swiftly asserted its vastly superior military might and thousands of Russian troops pushed out Georgian troops from the rebel region. Russian units are still operating inside Georgia proper.
Russian sovereign Eurobond spreads, a measure of investment risk, widened on the hostilities, and shares tumbled.
"It was just intuition," Smith said by telephone. "I said nothing about the possible Russian response, but if you had asked me I would say that Moscow could not have taken it lying down," Smith said.
Explaining his reasoning, the former journalist said the upcoming presidential election in the United States could have played a role in Saakashvili's decision to send troops into South Ossetia.
"Certainly the next White House will not be as supportive of Saakashvili as this one and so if Saakashvili wanted to reunite Georgia he really had to do it this year and he was probably hoping the Olympic Games gave him the right cover," he said.
He refused to forecast how the crisis would end.
(Editing by Mark Trevelyan)
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