pax1, markets, nse, bse, dija, dow, S&P,gold, rupee, pmi, tata, reliance,
After the crash of the DIJA ,S&P (where they broke the 50 day line and near their break out level) and the various markets in the developed, developing world on friday and we could see more of the same when the markets open. The main indicator to watch will be the Rupee, which has now come into prominence, with currencies crashing in the BRIC countries we can see some of it rubbing off on the Indian Rupee too.It is already down over a percent and half. If it breaks the 62.85 level we then see it in 63 level.
It would all depend on how the Asian markets open, if the Chinese market and the Hang seng open with out a steep fall then by the time we open it will be some what mellowed.We may not see such a severe drop. The SGX Nifty would give some indication on where we are heading. But it need not be sacrosanct.The levels to watch is spot 6260 if it returns from there, as it was trying to do so on Friday, near closing time, then we can see it getting stronger and trying to cross 6300 however if it breaks the 6250 level then we shall see a rapid decline to 6150 level and even lower.If, ..IF it does cross 6300, this will be short lived as the next correction, will be a beep one where we might see 5950 or even lower levels.....
Hence the name of the game tomorrow is caution ...and trade safe....Market has a way of tempering things when it goes over a week end.