Happy
Janmashtami! Human pyramids will get their act together to break the
dahi handi. The market too is looking to break away from its tumultuous
run. Thankfully, we are likely to see a positive start as most Asian
markets have recovered from a slow start. Whether any advance is
sustainable given the spate of headwinds confronting the equity markets
is the question.
The
Nifty last week tumbled below the key psychological support of 5000 on
the back of relentless sell off. The next support is said to be around
4800 levels, which corresponds to 38.2% Fibonacci retracement of the
upmove that began from 2250.
The
global mayhem has dampened the sentiment even as worries have grown
about moderation in the domestic economy. India’s Q1 GDP report will be
out on August 31.
But
before that we will have to contend with the F&O expiry. The
Government also has to spend a lot of time handling the corruption issue
as Anna Hazare has given an open call for revolution if the Jan Lokpal
Bill is not passed by August 30.
