SMI –3rd September 2013 – Market View

Posted By : Kishore B.S

Hi Friends,

Nifty tested 5350 levels yesterday showing great strength. The momentum is on the upside. Nifty is completely shrugging off the negative macro economic data, like GDP, HSBC PMI etc. Though these datas are showing slowing down of the economy, markets are rallying.

Same is happening with the currency. It has become a non-event. If we go by the fundamental view, surely the stock market is expected to bleed seeing such low levels in currency. But we are still holding our head together.

The tensions between US and Syria is cooling down. So, this will lead to a cool down in the crude oil prices and war threats bringing a cheer in the markets.

Nifty is in a resistance area of 5500-5550. It is trying to break these levels. A closing above 5550 will lead to a rally till 5700.

Cheers!!

Team SMI

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