Pre Open Thoughts: Recovering From Shock!!
Ø To get into the best society nowadays, one has either to feed people, amuse people, or shock people. It's neither amusing nor interesting. It's a bit shocking. In a major development the Supreme Court’s decision to cancel the 122, 2G spectrum licenses granted by former telecom minister A Raja on the ground that they were issued in a 'totally arbitrary and unconstitutional' manner, has great implications for Indian Corporate sector. On back of which renewed selling pressure was witnessed on Thursday.
Ø So far, the Nifty has been honoring higher tops and lower bottom sequence. According to systems, further for a trend reversal would come only if it closes below 5050. The near-term outlook remains positive to neutral with broader trading range between 5300 and 5000.
Ø The start today is likely to be muted once again, with most global markets not budging much amid average trading volumes. US indices settled almost static. European markets also ended in green. Asian markets are flat to negative. Indian markets are expected to be slightly choppy.
Ø On the whole, things should be quiet. Fresh buying interest is likely to emerge around lower levels.
Results Today: Godrej Industries, Norma, Indo Rama Synthetic (India), Srei Infrastructure Finance, Ramco Systems, Tata Teleservices Pidilite Indus,Madras Cements, Pidilite Industries, Pidilite Industries, Everest Kanto Cylinder, Rolta India, Power Finance Corp Dr. Reddy’s Laboratories, Subros, Trident, Timken India. Zuari Industries Container Corporation of India
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