Pre Open Thoughts: Market On Tenterhooks!!!
Ø A strong conviction that something must be done is the parent of many bad measures. The upcoming RBI meet next week and will there be great surprises? Will RBI take correct measure by reducing the CRR is anybody’s guess. But given the inflation falling to a two-year low in December is giving elbow room to the RBI to adjust its monetary policy and support economic growth.
Ø Attention is also turning to corporate earnings. Also, the political temperature is heating up as elections kick off across five states in India. Uttar Pradesh is the crucial battleground.
Ø Against this somewhat gloomy backdrop India is also likely to see a positive opening. But whether is sustainable in the later part of the day is remained to be seen.
Ø Volatility will be the order of the day especially towards the end of trade, as traders might adjust their positions on back of events in overseas market and RBI Policy meet which is keeping market players on tenterhooks.
Ø According to Systems we expect a range-bound day as mentioned in our previous notes. Buying momentum will ignite only on break of 4910-4920. Till then investors should adopt a defensive strategy in view of the result season.
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