The Indian market didn't benefit from the Federal Reserve's pledge to keep the stimulus in tact. FII selling, mixed corporate earnings, rising inflation and concerns about further rate hike were the factors at play. F&O rollovers have been lower than average. Technically, the Nifty is very close to its 200-DMA. A breach of this level could exacerbate selling. Upside, if any will be capped in light of the FII outflows. So, one must be vigilant and avoid complacency.
The RBI will hold its policy meeting on May 3. Market consensus is for a 25 bps increase in policy rates. World markets will also react to the latest rate decisions by central banks in Australia, UK and Eurozone. Apart from that, markets will absorb reports on manufacturing and services PMIs. In India, monthly auto sales and trade data will also be released next week. In the short-term, one needs to be a little guarded and wait for the momentum to turn higher again.
Corporate Happenings Next Week
Give your Trading Account Extra Protection - Verify your txns directly from NSE :
NSE has incorporated Trade Verification module in their website which is a very simple tool to verify trades executed in your Trading account. The trading data of last 10 trading days would be available for verification directly from stock exchange website.
Investors who are registered on the website would receive an SMS on the designated mobile number at the end of each trading day giving a summary of the trading activity.
An email would also be sent on the registered email id providing the trading details.
This will help you to confirm trade executions in your account, directly from the stock exchange.
So act now. Make your trading account secure by register your trading account with stock exchange from below link.
2]HOW TO: Undo “Send” in Gmail ?
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