SMI –23rd September 2013 – Market View

Posted By : Kishore B.S

Hi Friends,

Nifty is trading 80 points down around 5930-5940. RBI repo rate hike took the market by surprise. So, this correction was expected. However on Friday markets recovered from its day’s low to close above 6000 levels.

At present there is no major fundamental trigger for the market. So, Nifty is expected to trade on the fundamentals. This is expiry week. A lot of volatility is expected in Nifty.

DOW closed 185 points down on Friday but Dow futures are positive while European Futures are showing a very small negative tick. Also, China PMI data came at 51, higher than expected.

There is no clear view on Nifty. An intraday recovery in the afternoon trade is very likely. So, trade with caution. A round of short covering might also be in store.

Cheers!!

Team SMI

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