US Markets opened flat on friday only to end the day with extremely volatile moves. News of Spain's rating downgrade gave a thumbs down to the market. US Markets are closed today on account of Memorial day. Asian markets started the day in red though losses are limited to 0.5 pct
Indian markets are on a roll in the last 3 trading sessions with Nifty gaining as much as 260 points of 5 pct to trade at 5066. We believe Nifty will bump higher above 5100 levels. Metals pack lead the last two days rally with many domestic analysts feeling that the metal stocks are available for a bargain. One should remember that metal stocks reflect the global mood and the major part of the downfall is yet to come.
Euro woes will continue to haunt the markets in the next 2 months. Traders should time their trades to perfection, given extreme volatility and uncertain global economy. Realty participated in the last two days. But the picture for the sector is far from being rosy.
One should be extremely catious before jumping in the market. Wait for 5100-5150 level for Nifty to be breached before jumping in. Till then it is better to watch the show from a distance