Finally some good news. After months of speculation, wild fluctuating trades, the BSE today closed on a new high on 18214.44. This is the first time that the Sensex has touched his point since the February of 2008.
Given that it has touched a new high, I now expect a session or two of profit booking by the investors looking into to capitalize on the gains made by the market. It looks like we are in for week of trading on ups and downs. I expect the markets to close down on the basis of profit booking, but still think that it will be closing above 18000 if a short term rally occurs.
On the whole, the Indian markets to me looks foolishly optimistic given the financial outlook of the country, with the inflations touching new highs and the RBI hiking the repos, the market is still looking bullish.
Global cues though look encouraging, but given the amount of economic ups & downs happening out there, the markets for me is still too hot to enter right now.
Given that it has touched a new high, I now expect a session or two of profit booking by the investors looking into to capitalize on the gains made by the market. It looks like we are in for week of trading on ups and downs. I expect the markets to close down on the basis of profit booking, but still think that it will be closing above 18000 if a short term rally occurs.
On the whole, the Indian markets to me looks foolishly optimistic given the financial outlook of the country, with the inflations touching new highs and the RBI hiking the repos, the market is still looking bullish.
Global cues though look encouraging, but given the amount of economic ups & downs happening out there, the markets for me is still too hot to enter right now.
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