Today again we expect a soft opening with US markets in the red and a flat finish in Europe. Asian markets are mixed. We don’t expect any major move (on either side) till a big influential event takes place. So, keep your eyes and ears open.What we have is Dhoni & Co. in fine touch. What we want is bulls to be in better form. After hitting the year’s high in mid-October, the market has turned turtle. Though the Nifty did make a new high recently, it has since retraced back to sub-5100 level. The broad range for the Nifty is expected to be 4900-5200 and the overall market trend will remain choppy.
The immediate event to keep track of is today’s outcome of the Fed meeting. It’s a no-brainer that the Fed will keep rates steady. What the markets are keenly awaiting is some hints on its ‘exit’ strategy. Back home, the RBI is expected to reverse its easy money policy, but the timing is uncertain. It may opt to do it earlier than its scheduled January-end meeting.
