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We expect another weak start owing to a worldwide depression in the market. There might be an intraday turnaround but don’t get trapped in it as the bias remains negative for now.

Monsoon, which promises to be good, may be a while away. For nowdark clouds are hovering over the Mumbai skyline this morning.The markets of course are confronting their own set of headwinds – both domestic as well as foreign. The deferment of GAAR by a year was expected to be a short-term catalyst to support the market mood. However, stocks, currency, bonds or commodities – everything was in the red. The only safe haven seems to be US dollar (despite a sluggish economic recovery). The risk-off trade is likely to persist for a while before there is any material relief.

On the domestic front, the RBI has hinted that it has limited room to perk up the mood. So, it is pretty clear that the Government must move quickly to give a much-needed fillip to the economy. We expect another weak start owing to a worldwide depression in the market. There might be an intraday turnaround but don’t get trapped in it as the bias remains negative for now.

The Indian markets confirmed a trend reversal with a formation of ‘bearish engulfing line’ on candlestick. The Nifty closed near the lowest point of the day. This has reinforced a negative for our market with immediate support seen at ~4925 levels.

Key Results Today: ABB, Arvind, Gammon Infra, Gati, Gayatri Sugars, GVK Power, IRB Infra, Mangalore Chemicals, Network 18 Media, NIIT, PNB, Ranbaxy Labs, Triveni Engineering, TV18 Broadcast, Union Bank of India, UB Holdings, Uttam Galva Steels, Vardhman Textiles, Zuari Industries and Zydus Wellness.

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