SMI –4th September 2013 – Market View

Posted By : Kishore B.S

Hi Friends,

Nifty fell 200 points on the pretext that US fired two missiles in the Mediterranean region which was considered military action against Syria which turned out to be a hoax call. It was nothing but a panic selling. Nifty went down to 5320 levels and then bounced back today in early trade testing 5400 levels.

Rupee woes continue with rupee touching 68 levels against dollar. This rupee swing has become a part and parcel of the market. So, the effect is not as great as it is expected.

The global markets are a tad negative but no signs of worry. As of now, it does not look right to short the market. Tomorrow the new RBI Governor is coming. Any positive signs from him will lead to a rally. So, it would be better to go long if Nifty holds 5400 levels. Nifty can retest 5550 levels if it can sustain 5400.

Cheers!!

Team SMI

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