A day before the holiday, everything seemed hovering around the surface and 2 triggers brought in steep cuts on broader markets and Nifty
SBI results below par [although it did make a day high of 2017] by the time the results were announced, selling en masse and what a dramatic fall it was - leading the steep cuts on BNF rather than extending it as a result.
Italian debt yields hit 7%, Euro-Dollar broke the 6 day tight range and printed below 1.375 [1.3641 as I write this] that is setting the course for banks across the board. 9500-9750 seemed to provide interim support but how long it will stay, one has to see; lots of short-covering pending but things are on tenter hooks
Critical levels remain unchanged and if Euro-Dollar goes towards 1.28 - 1.32 range which is an expected target over the next few days, all interest rate sensitives will take steep cuts as we saw today. FMCG and IT are showing some strength but as mentioned yesterday as well, the market breadth is negative and it remains to be seen how long these hold out. 5032-5092 levels are still holding out and we need to see whether these levels hold until Tuesday EOD.
SBI results below par [although it did make a day high of 2017] by the time the results were announced, selling en masse and what a dramatic fall it was - leading the steep cuts on BNF rather than extending it as a result.
Italian debt yields hit 7%, Euro-Dollar broke the 6 day tight range and printed below 1.375 [1.3641 as I write this] that is setting the course for banks across the board. 9500-9750 seemed to provide interim support but how long it will stay, one has to see; lots of short-covering pending but things are on tenter hooks
Critical levels remain unchanged and if Euro-Dollar goes towards 1.28 - 1.32 range which is an expected target over the next few days, all interest rate sensitives will take steep cuts as we saw today. FMCG and IT are showing some strength but as mentioned yesterday as well, the market breadth is negative and it remains to be seen how long these hold out. 5032-5092 levels are still holding out and we need to see whether these levels hold until Tuesday EOD.
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