Weekly Outlook

The Q2 GDP data released on Friday was more or less what the market was anticipating.
It appears that the GDP growth numbers are forming a bottom.

For the coming week,  Indian markets will be driven by global cues.    Among other data
points,  markets will be watching Bernanke's speech on Monday,  US Q3 GDP data on
Thursday and US jobless rate data on Friday.   But for the tapering fears emanating from the
US,  Indian markets are likely to remain firm.    

Weekly Outlook

As anticipated,  markets corrected this week.    But the kind of closings seen over the past two
trading sessions is worrisome.    Having said that,  Nifty may only consolidate at these levels and
remain volatile in this upper band as this week involves November series expiry.

Markets will be watching India Money Supply (M3) data on Nov. 27 and Q2 GDP data on
Nov. 29.

                                                       Nifty Levels
Resistance        2                                 6100
Resistance        1                                 6040
Support             1                                 5950
Support             2                                 5930

Weekly Outlook

On Wednesday,  Raghuram Rajan allayed the market fears on the INR front.  
On Thursday,  markets reciprocated cheerfully.    Now,  Janet Yellen's comments
have brought new energy to the global markets.    Nifty may open gap up on Monday.
The short term sentiment may remain buoyant.    But,  how long will the euphoria last?

In recent times,  markets the world over have been driven by the central bankers
rather than economic fundamentals. 

Chart View

Gold is seen to be moving symmetrically with the USD Index.
So far as Nifty is concerned,  market is showing signs of fatigue.

HAPPY DIWALI

On this Diwali,  let us all make a firm resolve to bury the deadly sins of ignorance, pride, envy,
gluttony, lust, anger, greed, laziness and pave the way for knowledge, modesty, sympathy,
satiety, peace, prosperity, glory, dignity and opulence in our individual lives.

HAPPY DIWALI to all the viewers and readers.