Dec 12, 2008, 09.34 AM | Source: Moneycontrol.com
According to Khandwala Securities' Market Preview report, the local shares are set for a decline on the last day of yet another indecisive week of sideways movement in the benchmark indices.
Khandwala Securities' Market Preview report:
The local shares are set for a decline on the last day of yet another indecisive week of sideways movement in the benchmark indices.
The volatility has to recede for any directional change.
A disappointing reading of India's October IIP number to be released today could embolden the bear and add to investors' nervousness who are lacking cash and courage to enlarge committments. Bloomberg consensus estimate 2.1% rise in the industrial activity in October against 4.8% in September.
The Nifty did encounter resistance 2,950 on past two days as mentioned in our reports.
Oil's meteoric rise last year has put the world economy in a low gear.
Asian shares are trading in the red after a slump on the Wall St as recession deepens. Hang Seng (-5.1%), Taiwan (-2.2%), Straits Times (-1.7%), Straits Times (-1.5%), Nikkei (-1.3%), and Kospi (-1.1%).
To read the full report click here