Update: Oct 14, 11.57 am (IST)
Indian equity benchmark Nifty is trading within yesterday’s range (5067- 5136). Today it touched the day’s low at 5056 and had made the high of 5108. As I had written earlier, Indian share markets are not expected to make much headway today and will be range bound, waiting to resume full fledged trading action on Monday.
Other Equity benchmarks like Bank Nifty, CNX IT and Sensex are also trading within a small range.
Earlier:: Oct 14, 10 AM (IST)
CNX IT has dragged the Indian share markets down.
At the time of writing, all major equity benchmark indices; Nifty, Bank Nifty, CNX IT and Sensex have slipped into red after coming down from day’s high levels. Although the down-slide is of only a few points but turning red so early in the trade does not look good.
Expect markets to be highly volatile today.
Earlier: Oct 14, 7.44 am (IST)
Just like other major world markets, Indian stock markets too are wobbling at their immediate resistance levels, waiting for financial institutions’ results next week.
So don’t expect any major trading-trend today (unless some big news comes in).
SGX Nifty (Nifty futures) is also trading in a narrow range in early trade.
Nifty, Sensex may be dull. Day trading in Nifty doesn’t look too attractive today:)
CNX IT might see some upside as Google results took Nasdaq to a positive closing. I’ll not call it a “rally” because Nasdaq too is trading in a narrow range for past two sessions and has not progressed beyond its immediate resistance level (2650).
Another heavy weight of Indian IT sector, TCS will declare its results on Monday. That again dims the prospects of any major action in CNX IT today as it is the last trading session of the week.
In Bank Nifty, real action will start from Monday when HDFC (Housing Development Finance Corporation) comes out with Q2 results. Some other banks/ financial institutions will also be declaring their earnings reports that day. The list includes ING Vysya Bank, Magma Fincorp, Mahindra Life, South Ind. Bank.
On Saturday (Oct 15), Reliance Industries (RIL) will announce its results. RIL share is also sitting at its resistance level of 850. Guess it too will just loiter around and for better or worse, will change trading pattern only after results.
Markets look set to play like an art movie in NSE, BSE on this last trading day of the week. )
I would rather match the first ODI cricket match between India-England.:)