Thought for the day
"Somebody asked me
about the current choice we're being given in the presidential election. I
said, Well, it's like two of the scariest movies I can imagine."
—Dean Koontz (American, 1945—)
Word for the day
Velleity (n)
A mere wish, unaccompanied by an effort to obtain it.
Malice towards none
Will adopting Calendar Year as Financial Year help the
cause of "Ease of Doing Business" and "Integration of Indian
Economy into Global Economy (Globalization)"?
First random thought this morning
Traditionally popular Hindi films have highlighted the
contemporary trends and problems, like gold smuggling, food hoarding, drug abuse,
unemployment, Naxalism, terrorism, mafia dominance, corruption, child and women
abuse, etc.
The glamorization of traditional sports like Hockey, running and
wrestling in recent films indicates that these sports are regaining their
popularity. Whatever the reason, these have the potential to be developed as a
major source of employment and state revenue (entertainment tax and tourism).
Nifty consolidated last week, ending almost unchanged from the
previous week. Though both domestic and foreign funds were net sellers, the
non-institutional buying supported the market well. As suggested last week, the
Greed continues to be dominant sentiment at present.
This week also most of the action may be witnessed in the broader
markets.
Nifty is placed much better as compared to two week ago in terms
of trading indicators. However at present it lacks the required momentum to
make a decisive move in either direction.
The present consolidation pattern may continue this week also. A
risk on trade in global market on the back of strong US job data and likely
further monetary easing by ECB and BoJ, could provide some tailwind.
Positive developments on GST legislation, a couple of result
surprises could add to the momentum in the following week.
For now, Nifty has a strong support around 8065 level and faces resistance in 8388 -8418 range. Two consecutive close above 8418 may take Nifty to 8560-8630 range in no time. For Bank Nifty a good support exists at 17300 level. A close above 18460 may take it beyond 19K mark soon.
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