Today,we expect a flat to slightly lower start as Asian markets are in the red and US stocks could not hold on to intra-day gains. Wild gyrations are a given as the market consolidates after hitting multi-month highs last month. Stay highly alert as the near-term outlook remains murky and volatility is likely to persist for a while. Bulls and bears cannot arrive at a conclusion though both appear to be tired. How else will you explain the sharp swing in the last two days?
Technically, 4600 could prove to be a major support for the Nifty. Again there is nothing sacrosanct as further falls cannot be ruled out. On the upside, the bulls could face stiff resistance at around 4720-4830. Over the long-term, things should continue to look up as the recovery will meet with periodic bumps.A couple of labor market reports signal that the pace of layoffs in the US is slowing.
All eyes are on Friday’s monthly numbers. Cisco results have surpassed consensus estimates. The Bank of England (BOE) and ECB will announce their latest policy decisions later today.
