Expect Indian markets to follow Global zeal after the US Federal Reserve slashed interest rates pushing it towards zero, spurring a rally across world markets. On the global front likely news is that US will announce auto bailout package today, which could give some relief to dragging auto Industry.
Satyam In focus on its Maytas buyout deal: Satyam is likely to fall sharply despite the Maytas deal being called off, as investors doubt the intention of promoters.
FED MOVE: In a surprise and historic move, the Fed lowered its target for the interbank federal funds rate to a range of zero to 0.25 percent, a record low, from 1.0 percent, and said it was willing to keep rates low for an extended period.
On the local front: The Nifty is inching closer to the crucial 38.2% retracement (3165) of the fall from 4649-2252 points while the 78.6% level of the fall from 3335 -2252 is at 3104 points. Crucial support has moved away at 2840-2856 points. As long as it holds above 2740 points (positional stop), any dip near support should be considered as a buying opportunity with appropriate stop loss
Satyam In focus on its Maytas buyout deal: Satyam is likely to fall sharply despite the Maytas deal being called off, as investors doubt the intention of promoters.
FED MOVE: In a surprise and historic move, the Fed lowered its target for the interbank federal funds rate to a range of zero to 0.25 percent, a record low, from 1.0 percent, and said it was willing to keep rates low for an extended period.
On the local front: The Nifty is inching closer to the crucial 38.2% retracement (3165) of the fall from 4649-2252 points while the 78.6% level of the fall from 3335 -2252 is at 3104 points. Crucial support has moved away at 2840-2856 points. As long as it holds above 2740 points (positional stop), any dip near support should be considered as a buying opportunity with appropriate stop loss
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