The market mood is likely to be upbeat on Friday after inflation eased from the previous week, much below street expectations. The drop in crude oil prices and an unexpected growth in US economy will add to the positive sentiment.
Investors will also look forward to India's GDP data Friday, which is likely to have grown an annual 8.1 per cent in the April-June quarter, its slowest pace in nearly three years, as tight monetary policy to calm rising inflation dented demand.
The annual wholesale prices index rose 12.40 per cent in the 12 months to Aug. 16, below the previous week's 12.63 per cent rise.
On Thursday, the Nifty failed to cross the pivot at 4314 points, today it is pegged at 4241 points. One should be cautious if it sustains below 4198 points. Crucial support is at 4175 and 4128-4137 points and resistance is at 4278-4295 points. A decisive high above 4333 points is required to ward off the bear threat. It's going to be an acid test for the bulls; they have to quickly regroup to show some signs of pullback
Friday, August 29, 2008
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