A lot of attention will shift to a different screen as our Men in Blue look to end the Aussie yellow fever, which has given them nightmares for long, especially in the World Cup.
Back to the market, it was relaxing to see green on Wednesday as equities managed to recover smartly; a combination of good long built-up and some short covering did the trick. In fact, the provisional numbers for FIIs and DIIs are quite encouraging. The domestic institutions pumped in over Rs11bn. Even the trading volume and turnover picked up from the previous two days. F&O indicators too are pointing to some improvement in sentiment.
This week’s minor pullback has brought the Nifty near its 50 DMA of 5505. We could see the index heading towards 5600 if it sustains above this level. No prices for guessing that the next target will be the 200-DMA around 5680.
So, the start should be a good one as global cues are supportive. Markets across the US, Europe and Asia are holding their own despite apprehensions over the ongoing turmoil in MENA, Japanese nuclear problem and the collapse of government in Portugal.
