he sharp fall in inflation has been cause of much cheer for markets, as it implies that sharp cuts in interest rates will follow. In all its euphoria, the markets have ignored that the fall in inflation will be accompanied by low growth.
Stop-loss long positions at 8,490. Stop-loss shorts at 8,650. A continuing downtrend could test support at 8,450. A long 8,500p(20), short 8,400p (5) is cheap due to expiry and it could double if it 8,500 is hit.
With more Indian companies expanding their global footprint and global majors increasing their operations in India, banks such as Citi are busy, more so at a time when some developed, as well as emerging markets are raising growth concerns.
The nifty closed weekly in negative territory. It failed to sustain at higher levels. It made a high of 8849.10 levels. It has completed pull back rally & given up all the gains at the end of weekly trading session.