On Thursday (02.09.2010), the BSE Sensex closed at 18236, 32 points higher. The Nifty closed at 5486, higher by 14 points. It started with a gap up opening alongwith other Asian Markets but lost its momentus during the day. SUZLON was star in Group 'A' stocks and closed above 10% yesterday with highest volume. In addition, JP Associates was major gainers.
BOND MARKET: India’s 10-year bonds dropped for a second day before a sale of Rs120 billion ($2.6 billion) of government securities tomorrow, which may leave investors with less cash to buy debt. India’s rupee was little changed as speculation of an increase in offshore capital inflows into local shares was offset by concerns about the widening trade deficit.
GLOBAL MARKET: US Markets (Both DOW and NASDAQ) finished with modest gains on Thursday, 02 September 2010. After a fierce rally on Monday and overnight rally in Asian markets, follow up for stocks started the day flat at the open but then gradually tried to pick up momentum in the course of the day. Stocks faltered at times and indices dropped in the red in between. Economic data dominated the day and the same that checked in were mixed in nature.
Crude prices ended substantially higher on Thursday, 03 September 2010 at Nymex. Prices ended higher as a fire at a Mexican oil platform raised concerns about output of crude. Certain economic data also helped crude climb up. On Thursday, crude oil futures for light sweet crude for October delivery crossed $75 and closed at $75.02/barrel (higher by $1.11 or 1.5%). Last week, crude ended higher by 1.8%.
Indian ADRs ended mostly higher on Thursday. Tata Motors and HDFC Bank were the main gainers soaring 2.5% and 0.6% respectively.
FOR TODAY: Except Taiwan markets, all other Asian markets are trading flat to negative. SGX Nifty is trading at 5497, up 14 points. Nifty will probably open around 5498-5500 and will try to break yesterday's high. If it breaks 5511-5515 and stays above this level, it may even touch 5544 and 5560. On the downside, if it breaks its yesterday's low, a minor support exists around 5467 and 5450 level. Below 5450, weakness will start.
My strategy will be to SHORT Nifty around 5545, if I get the same. Other strategy will be as per market activities.
DISCLAIMER: I have no position. Generally I trade on intra-day basis.
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