NEGATIVE GLOBAL CUES COULD DRAG OUR MARKETS DOWN. DOW CLOSED 279 POINTS DOWN; EU MARKETS SHED MORE THAN 1% EACH. ASIAN MARKETS FOLLOWED SUIT WITH NIKKEI TRADNG - 166 POINTS. HANGSENG IS DOWN 355 POINTS.
SGX NIFTY IS TRADING T 5535, DOWN 60 POINTS. FEARS OF A SLOWING US ECONOMY HAS LED TO HAMMERING OF STOCKS IN THE US. THE PROSPECT OF GREECE DEFAULTING ON ITS DEBT OBLIGATIONS IS LOOMING LARGE ON EUROPEAN FINANCIAL SYSTEM. SLOWER ECONOMIC GROWTH IN CHINA IS ANOTHER CAUSE OF WORRY. AT HOME, LOWER THAN EXPECTED GDP GROWTH IN FY 2011 AND SLOWING INDUSTRIAL GROWTH, RISING INFLATION AND PROSPECTS OF FURTHER HIKE IN INTEREST RATES ADD UP TO THE WOES OF INVESTORS BOTH DOMESTIC AND FOREIGN.
WE EXPECT A GAP DOWN OPENING WITH ABOUT 50 POINTS DOWN, AROUND 5540.
BOOK FULL PROFITS IN NIFTY 5600 PUTS AROUND 140. BUY CALL GIVEN AT 100 YESTERDAY.
RAJAN IYER
SGX NIFTY IS TRADING T 5535, DOWN 60 POINTS. FEARS OF A SLOWING US ECONOMY HAS LED TO HAMMERING OF STOCKS IN THE US. THE PROSPECT OF GREECE DEFAULTING ON ITS DEBT OBLIGATIONS IS LOOMING LARGE ON EUROPEAN FINANCIAL SYSTEM. SLOWER ECONOMIC GROWTH IN CHINA IS ANOTHER CAUSE OF WORRY. AT HOME, LOWER THAN EXPECTED GDP GROWTH IN FY 2011 AND SLOWING INDUSTRIAL GROWTH, RISING INFLATION AND PROSPECTS OF FURTHER HIKE IN INTEREST RATES ADD UP TO THE WOES OF INVESTORS BOTH DOMESTIC AND FOREIGN.
WE EXPECT A GAP DOWN OPENING WITH ABOUT 50 POINTS DOWN, AROUND 5540.
BOOK FULL PROFITS IN NIFTY 5600 PUTS AROUND 140. BUY CALL GIVEN AT 100 YESTERDAY.
RAJAN IYER
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