A
suspected terrorist strike in the heart of the capital did not dampen
the spirits on the local bourses. The markets are unlikely to be shaken
by a late night earthquake in New Delhi. The opening is expected to be
good, but not spectacular. A few Asian markets are unable to hold on to
early gains despite a stellar rally in the US and Europe.
Indian
indices surpassed key levels and could be headed further north if the
global situation doesn’t worsen. FII inflows need to stay positive. The
Nifty tested 5150 levels before retreating. It could bump into
resistance around 5225-5250.
With
so much uncertainty and anxiety over the precarious state of the US and
Eurozone, markets will continue to face volatility. Tread cautiously as
a few important events are lined up this week and this month. Don’t get
fooled by the recent corrective uptick as the same may not sustain for
long.
Global
investors will tune into President Obama and Fed chief Bernanke later
today for cues on what they intend to do to pump-prime the US economy.
