Pre Open Thoughts: Pessimism Is Overdone!!
Ø A great obstacle to happiness is the expectation of too great a happiness. The focus will be on today’s RBI review. Economists may not be all that gung-ho about the current state of the Indian economy, but the Finance Minister thinks the pessimism is overdone. According to him, all is well with the Indian economy. But we Feel that worry and nervousness has still not left the streets; as Indian market is likely to struggle.
Ø India from here on will take their cue from a slew of key domestic events, including RBI’s policy review today and Union Budget i.e tomorrow. The near-term trend remains hazy and therefore calls for caution.
Ø We expect the market to be sluggish at start due to indecisive global cues. US stocks softened amid persistent anxiety over the ongoing debate over budget talks. But their European counterparts advanced. Asian indices are clueless.
Ø The move above 5550- 5600 on the Nifty could see further buying momentum and index might head towards 5800. Till that happen Overall, the trading range remains between 5500 and 5600.
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