Today, all Asian benchmarks are mostly down this morning. European indices too ended lower on Friday amid nagging worries over the deteriorating health of the banks. Moreover, local traders and investors would prefer to stay light ahead of holidays on Tuesday and Wednesday.
Overall, we continue to advise caution, as the key indices closing in on October’s intra-day lows. The CNX Mid-Cap actually made new bear market lows last week. The Sensex and the Nifty might follow suit shortly due to worsening global environment and growing worries over the domestic outlook.
Hitting glass ceilings are things of the past. Any door of opportunity just seems to swing back, knocking down bulls harder each time. Bulls may have hoped for less losses at start due to the surprising resistance on Wall Street despite another grim jobs report. However, the key indices are expected to come under renewed selling pressure sooner than later.
The way global markets swing will determine our market's movement in the three-day trading week.
