The inflation down…

The inflation was down to 12.10% from 12.34%, extended the decline curve to a consecutive third week but our markets are also down in-spite of the slowing down of inflation and the falling crude. The markets are worried over the future growth prospects rather than the present favourable news.
A survey showed that the major companies in US cut their IT budgets by 40%, the firms put on hold increasing. The Reuters survey with eminent economists revealed a fact the developed nations are now grapping with credit crunch and a year of recession for sure.
The DOT, Department of Telecom, plans to complete the auction by 30 Sep-08, has changed the guidelines to participate in 3G auction to those who have prior experience in 3G can bid and have to pay the pan India license fee. The Broadband Wireless Access (BWA) services got new frequency band of 2.3 GHz in addition to the 2.5 GHz band.
The MARKET pulse check by STOCKOMETER: as posted in the morning the Nifty made a high at 4399.30 and a low at 4272.75…( The Nifty is weak below 4391-93 level and to see the upward movement then it has to trade above 4480 level. So at present we are struggling to protect our supports at the bottom level. As such the bottoms supports are below 4350 level are close to one another. The 4339-41, 4321-19 and the 4285-89 will come at this critical time but the problem is the pressure on the higher levels).