SMI –8th october 2013 – Market View

Posted By : Kishore B.S

Hi Friends,

Nifty recovered all of its losses yesterday to close just 1 point down. As pointed out earlier Nifty will trade in the range of 5800-6000. RBI surprised the markets by cutting down the MSF rate by 50 basis points. On back of this all rate sensitive stocks have rallied today taking Nifty to 5970 levels. However the sustainability of these levels are still questionable.

The global markets are still struggling with weak macros and US shutdown. Though Asian markets are showing some recovery US futures are still showing a negative tick.

As of now the markets look overvalued. Nifty’s upside looks capped at 6000-6050 levels. Infy results are waited this weeks. That might give a direction to this market.

Cheers  !!

Team SMI

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