The Nifty meandered the whole day long and and finally came back to roost less than 7 points ahead. Tomorrow is friday and we will see profit booking happening, three days in a row nifty has ben banging its head to move ahead, and each time it comes back tired, I do not believe people will wait to see or take a chance awaiting the outcome of the fight between the bulls and the bears.The Nifty has been capped at 6350 and the lower side at 6150 , time for a revisit to the lower levels to come back stronger.
Axis bank did a runner, and Apollo did a fall...spend the day below pivot, sbi tried to run but fell as usual.Icici was in negative territory, wonder what the stock is waiting for....scared of its own result?Bank nifty did it again when you expected it to fly is crawled. Many brokers gave fancy calls which landed flat on its face, one of the famous brokers did make a few announcements to say their stop losses were hit for the calls given earlier.So much for their calls.
The RBI governor is making a speech Tuesday ahead of the policy announcement on the 29th January, now what does he have in store?, will he come out with a surprise announcement. We can only hope it is good news.The Asian markets, excepting for Jakarta, tanked, Kospi recovered later in the day.Chinese PMI data said it all, metals are now looking weak with this news, and we have to wait and see how DIJA will react to this news ....will it be three red days in a row? Disappointing manufacturing data out of China was weighing on stock futures early Thursday even as jobless claims and home-sales numbers due later out of the U.S. were expected to point to an improving economy. Europe is in red currently, and will wait to see where DIJA goes before closing.
The Fii's kept buying as usual and Dii's sold 433 to 393 crores, a deeper analysis of what the Fii's bought will tell us the story of the index and the flavor of the day.Seems like LIC has not ended its sale of the year,and still at it.The IT pack took a beating today with HCL tech correcting the most as well as WIPRO, TCS and Mahindra Tech.The IT index was down too. What is in store tomorrow will be dealt in a separate post later in the day.