Posted By : Kishore B.S
The Markets continued with the downtrend set forth during Friday sessions due to lack of clarity on reforms and policy lapse, which spoofed the markets due to which it tanked nearly 2%, the Nifty plunged by nearly 100 points but managed to close at the psychological level of 5200.
The lack of clarification on GAAR issue coupled with lapse of any clarifications for reforms and policies which was laid by Kaushik Basu and CLSA’s announcements of shifting trades to SGX platforms led to further fall. And finally the negative Euro markets sealed the fate for downtrend dragging the index further down.
It remains to be watched intro of the earlier support level of 5170-5130 of the largest range of 5150 – 5400 would hold??
Some clarifications by the FM, Finance ministry and later the better then expected TCS results could be silver lining to support the markets failing which a drift to 5050-60 levels during this expiry cannot be ruled out.
(Inputs: Mr. Hemanth V, Faculty TA, Stock Market Institute, Bangalore)