The
markets are trying to adjust to the ever changing situations. Two top
leaders of the Congress and the UPA II have made some adjustments; the
chapter over the controversial 2G note is over, the leaders claim.
However, the problems for the Centre may not end with the
Pranab-Chidambaram united show of strength.
Meanwhile,
there is a new twist in the 2G saga with reports suggesting that the
CBI has offered 3 ADAG executive to turn approvers. ADAG has refuted
these claims.
We
expect a sluggish opening due to lack of decisive trend from the
external markets. Better economic data lifted the Dow and S&P 500
while the Nasdaq closed in the red.
Barring FTSE, most European benchmarks advanced after the German lower house cleared changes to the eurozone rescue fund.
The
Nifty closed above 5000 on F&O expiry day. It could consolidate in
the range of 4950-5000 and will meet resistance between 5050 and 5100.
On the whole, the 4700-5200 trading range may stay intact.
