It was a day of high drama on Dalal Street today, also the first day of the December series that closed on high volumes again.
Dubai World announced a bad debt of $60 billion sending jitters around the world (European banks having $40 billion exposure and many Indian companies too have exposure to the Dubai market).
Our market opened gap down (almost 300 points on Sensex and 100 points on Nifty) on this news but made a smart recovery at close with positive cues from European markets. Most experts believe the Dubai crisis would affect sentiments and not make any real impact on the economic fundamental of emerging markets.
Sensex shut shop at 16632, down 222 points and Nifty is at 4941, down 63 points from the previous close. CNX Midcap index was down 1.49% and BSE Smallcap index was down 2.14%. The market breadth was negative with advances at 219 against declines of 1061 on the NSE
Top Gainers of the day are Suzlon, Tata communication, Ranbaxy,Bharat electroni and Jain irrigation while Financial Technology, Aban offshore, IVCRL, Siemens and IRB infra were among the top losers of the day
Today indian market had shown its strength. Despite of heavy fall in other asian markets, indian market recovers sharply. Its clear indication of upward movement. We can see 5200 level very soon.
Friday, November 27, 2009
World economy crashed with Dubai Effect
Its look like a black friday in whole world as per economy point of view. Yesterday Europe markets were closed 3% down.
In Dubai, State-backed networks named as Dubai Inc. is in debt of $80 billion and can not pay for atleast 6 month. Due to its impact, the compnies which have exposure to Dubai are in danger now. As soon as this news spread, it looks like 2nd crisis has been started in world. Hongkong market is down by 700 points. Indian market opens 400 point down which never been in 2009. Now analysist seems this as a corretion and predict to correct up to 14500 level. Right now Sensex is treading at 16318 down 537 points (3.2%) and Nifty is at 4839 down 166 points (3.33%)
Scary thing is that nifty is not taking any support at all. All the major supports are broken very easily and for bulls, it has so many strong resistance.
It may be ended 600 down today. And may be 300-400 down on Monday. If Indian Government wants to save investor's money, they have to take some encouraging steps
In Dubai, State-backed networks named as Dubai Inc. is in debt of $80 billion and can not pay for atleast 6 month. Due to its impact, the compnies which have exposure to Dubai are in danger now. As soon as this news spread, it looks like 2nd crisis has been started in world. Hongkong market is down by 700 points. Indian market opens 400 point down which never been in 2009. Now analysist seems this as a corretion and predict to correct up to 14500 level. Right now Sensex is treading at 16318 down 537 points (3.2%) and Nifty is at 4839 down 166 points (3.33%)
Scary thing is that nifty is not taking any support at all. All the major supports are broken very easily and for bulls, it has so many strong resistance.
It may be ended 600 down today. And may be 300-400 down on Monday. If Indian Government wants to save investor's money, they have to take some encouraging steps
Thursday, November 26, 2009
Nifty Target in December
Niftywill hit 5600 in december. From last so many days, globel cues are very weak. But indian stock market is holding its support levels very strongly. This shows that our market has very good strength.
Today at 26th November, 2009 on expiry date, January Nifty future has a spike of 5640.55 which is upper circuit. This is clear indication of bullish momentum in future. Indian economy is going strong. Asian markets are in correction mode. It will be soon over and we can see new high for nifty very soon
Today at 26th November, 2009 on expiry date, January Nifty future has a spike of 5640.55 which is upper circuit. This is clear indication of bullish momentum in future. Indian economy is going strong. Asian markets are in correction mode. It will be soon over and we can see new high for nifty very soon
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