Bad news appears to be outweighing the good news these days, with the market tanking in the past two weeks after reaching within striking distance of the all-time highs on Diwali. The rising political temperature over the 2G spectrum scam, fiscal troubles in Ireland and China's monetary tightening have combined to dent investor confidence in recent days. The slowing FII inflows are also not helping either.
Given the sudden and sharp turnaround in sentiment in the last two weeks, it would be prudent to be a little cautious and wait for the trend to turn up again. In the absence of any major domestic triggers, the Indian market will continue to be driven by global cues. At the same time one has to keep track of the political developments as the UPA government clearly seems to under pressure over the 2G spectrum scam.
With the Nifty having broken below 5900, the bulls might remain jittery next week as well. Being the F&O expiry week, volatility could also inch up. The Nifty is likely to find support at 5850 while resistance is expected at 6050.
Having said that, any significant fall should be utilised as a buying opportunity to build the long-term portfolio.
Watch out for the revised US GDP data and other important economic statistics from around the world. The US markets will have a truncated trading week owing to the Thanksgiving Day and Black Friday, which heralds the start of the shopping season.
Upcoming FPO: Shipping Corporation of India Ltd (SCI) :
Shipping Corporation of India Ltd (SCI) is entering in the capital markets with an follow-on public offering, FPO of 84,690,730 Equity Shares of Rs. 10 each. The price band for the issue will be available soon.
Incorporated in 1950, Shipping Corporation of India Ltd (SCI) is India’s largest shipping companies handling around 35% of market share. SCI holds “Navratna” status. Shipping Corporation of India owns a fleet of 74 vessels of 5.11 million dead weight tonnage (DWT) andhas ordered 29 vessels which will be operational in next 3 years.
The issue opens on Nov 30, 2010, and closes for subscription on Dec 03, 2010. The equity shares of the issue are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
Upcoming IPO: MOIL Limited :
MOIL Limited (Manganese Ore India Limited) is entering in the capital markets with an initial public offering, IPO of 33,600,000 Equity Shares of Rs. 10 each. The price band for the issue will be available soon.
Incorporate in 1896, MOIL Limited (Manganese Ore India Limited) is India based producer of manganese ore, primarily used to make ferro-alloys for steel production. MOIL is a 'Mini Ratna' PSU, owned by Government of India and under the administrative control of the Ministry of Steel.
The issue opens on Nov 26, 2010, and closes for subscription on Dec 01, 2010. The equity shares of the company are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
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Disclaimer:-This report has been prepared solely for information purposes. Neither the author nor his firm accepts any liability arising out of use of the above information/ article.
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