The Nifty did its break dance before recovering and finally closing flat. Not that it could not go up sooner, but strong hands need it there for a reason.Now comes the next agenda on the card, the fed announcement. There will be no pause on that account, it will be business as usual with the feds and we could see tapering moving into 65 billion level if they do not increase it then it is very good luck indeed for the EM's.This increase if it happens is not going to HURT India much, which already provides a very attractive bond yield and money running away from other BRIC countries can come in here.The nifty is currently in the major support channel of 6118 to 6138 and it can bounce back to its first resistance level of 6210 and will not be in a bull run till it crosses 6240 comprehensively.In any case the closing will be around there or below it.
The bank nifty does look weak but then if the sentiment changes, and people do recognize it is a very good buying opportunity then it has all the reason to go up soon...the first level to cross is 10800 then the 11k mark....once these are crossed then you will see 11300 and a very sharp upturn to 11800 and 12k beyond this will take some time but we will surely get there soon enough.Tomorrow the banks will be in focus, especially SBI which was on a run till it got tripped by R.R., however it has to run up now with the QIP decision on cards come 31st.
The DIJA , S&P and the European markets are all in green, US stocks would have been higher had it not been for the not good set of durable numbers which came out earlier.Apple fell down, ford and DuPont picked the index up. Let us see how the DIJA holds in the evening and this should make the sgx nifty and Asian markets in the morning come out positive.