US Markets managed to see green in the closing minutes of the trading session on wall street yesterday. Dow Jones after gaining as much as 140 points at
one point of time lost all the gains only to regain part of it in the last 10 mins of the session. We still stick to our 2-3 pct gain due for the US market after a severe beating. The economic readings continued to come in a weak fashion.
D-Street lagged its asian peers in terms of percentage gains yesterday and we see more under performance furing the next few days while rest of the
global markets recover. Remember Indian markets resisted the recent global equity fall. And in the next leg of global correction which we are expecting to happen some time next week Indian markets are likley to outperform the fall too.
Our periodic checks with brokerage houses reveal very limited retail participation in the cash segment. We see many junk stocks moving up in the last few days upmove. Markets though wary of the next round of RBI's rate hike might not take it easy this time. So all in all the next move seems to be inclined down. Like many other analysts we too respect the 5400 levels for Nifty above which we would be long on Indian equities. But the levels appear to be too tough for Nifty to cross over.