Friday, July 16, 2010

Another range trade on cards

Markets are likely to open subdued today. The volume strength in the market is missing.US Economic data continued to be mixed while quarterly numbers are stunning. One needs to see whether US Economy has legs with out sufficient job growth. After hours Goldman Sachs settled with SEC, federal claims that it misled investors in a subprime mortgage product as the housing market began to collapse.

Indian markets are going through a typical upmove but unconvincing volumes and no leadership sector makes us believe we might not be there yet for a break out. Realty is one sector that has steam. Unitech and DLF are looking positive on charts. Metals and Banking should be avoided in the short term. For an investor it appears to be a confusing period but medium term outlook remains bright for Indian economy