Tuesday, January 11, 2011

Panic grips Street,Deadcat bounce on cards

Dalal Street is likely to witness a subsdued opening with investors and traders keeping an eye onIndex of Industrial Production (IIP) data, to be released today.

Aluminium major Alcoa late Monday swung to a fourth-quarter profit on a 4% increase in revenue to $5.65 billion from the year-ago period. Asian markets are trading mixed today with minor gains.

Markets - At critical levels

Nity is at crossroads currently with the near term and major support at 5720, below which Nifty has an easy target of 5600 .

A deadcat bounce is not ruled out, given the speed of selling in the last one week. Expect huge volatility from here on. We believe markets to take support around these levels and bounce back will be sharp