Today's Nifty futures levels.
<4922><4951><4987><5008><5033><5068><5107>
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Gap down opening of 70 to 80 points is expected today ...expecting profit booking in scrips ... aggressive traders may create short positions too...Global sentiments are bearish,So take care of your long positions ...better to cut them at highs so that you can buy them at low...Nifty eod chart ended in doji at 20 DMA..maximum scrips are trading at 20 dma so below it profit booking can not be ruled out ..5033 level is crucial for today ...below that we will see more selling pressure...
inflow of negative news in last 48 hours was noticed :-
inflow of negative news in last 48 hours was noticed :-
Centre for Monitoring Indian Economy (CMIE) has revised its forecast for net profit of the manufacturing sector in the September quarter downwards, primarily due to the poor show of petroleum products industry.
Corporate India's confidence has been dampened for the second quarter of this fiscal owing to global economic uncertainties and high interest rates, says a CII Business Outlook Survey. The dip in business confidence is also evident from the fact that most of the firms surveyed by the CII do not plan to increase their investment.The Business Confidence Index for July-September quarter of 2011-12 has declined by 8.9 points compared to a drop of 4.2 points in the preceding quarter, it said.
"The top two business concerns are high interest rates, followed by high raw material costs," it said, adding that the global economic uncertainty, inadequate skilled labour and infrastructural shortages are other areas of worry for the industry.
" The Reserve Bank’s current assessment suggests that the threshold level of inflation for India is in the range of four-six per cent. If inflation persists beyond this level, it could lower economic growth over the medium term. These costs, therefore, necessitate monetary policy response to control inflation,” Deepak Mohanty, executive director, RBI, said in a speech at the Indian Institute of Technology, Guwahati.
FIIs were net buyers on 02 Sept 11...
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