Today, we expect the market to remain sideways and rangebound ahead of the Fed meet and F&O expiry.It was exactly the case for the Chennai Super Kings as they edged out the favourites - the Mumbai Indians in the IPL final. As far as the market is concerned, the gains made over the past one year or so have been spectacular post the global meltdown. Today promises to be yet another sweet start for the market on the back of good global tidings. The key to watch is whether the Nifty closes above 5350.
Equities worldwide have gained after Greece decided to tap into the EU-IMF loan. The initial monsoon forecast is encouraging. Earnings from a couple of big private banks have been pretty robust. On the flip side, Reliance’s results were slightly disappointing. Crude oil is above $85. The political temperature is rising and calls for tighter bank regulations have got shriller in the US.
As the MI’s loss to CSK shows, nobody is invincible. So, one has to guard against complacency. No need to take undue risk. Wait for a decisive move in key indices.
