Waiting on the sidelines may have spared many investors the wild swings of recent days. The Greek storm continues to rattle world markets. Risk appetite has tumbled and will take a while to recover. Public protests are mounting in Greece, stoking concerns whether it will be able to attain the proposed cuts in budget deficit. Other members of ‘PIIGS’ like Spain and Portugal are staring at further downgrades. The idea of EU as a unified, cohesive economic bloc and euro as its common currency has taken a beating. Let’s hope the crisis subsides sooner than later.
We expect some more trepidation at start today. Things might stabilize later, especially if global markets rebound. Global sentiment could improve if US monthly jobs data turns out to be strong. As of now, taking a decisive call is best postponed, though one may dabble with few counters for long-term purpose. Technically, the NSE Nifty has support at 5000 though a break below 200-day DMA of 4950 could potentially drag it down further. Resistance is seen around 5300.
US stocks recovered from session lows to end down amid what appears to be a worsening debt crisis in Southern Europe. Crude oil is hovering around $80 per barrel. The Dollar index is close to 84.
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