BOMBay under Attack
+ Sincere prayers for all those who have lost their precious lives in the terror attack in Mumbai. Hope there are no more casualties as the Army and NSG tries to take control over the hotels under attack.
+ The opposition led by the BJP has very rightly and sensibly decided not to raise the topic at this juncture. Expect lot of fire works once the rescue operation ends. Many would term this act of terrorists as Cowardly, but I call it as an act of ultimate guts! It is not possible for anyone to perform such an act unless he is highly charged and ultimately motivated, though for wrong reasons. The soft on terror approach of Congress is adding fuel to the fire. I do not want to talk much on this topic in this space hence let’s stop here. I like a group called MyIndia, link to which you can find on this/the MFF website.
+ Looking at the present situation, it looks like the rescue operation might take whole night and well go into dawn tomorrow. If things do not normalize by morning expect the markets to remain closed on Friday as well. The news of market not opening today was in fact a pleasant one for investors of Chennai. We are witnessing heavy rains and the roads look as if have been invaded by Bay of Bengal. The day was utilized well as some of us went and distributed food to around 500 people in a slum, where the water has flooded their homes. It’s pity seeing their plight. The operation costed us Rs.18000/- I invite people willing to do some good deeds. Whatever money comes in would be utilized for genuine requirements of poor that’s a promise of Vivek Karwa, you can also contribute by way of articles, arranging food etc. I feel motivated after doing such good work and same will be the case with you.
+ The terrorists by attacking places of riches and killing foreign nationals have made sure that they make headlines across the globe. The Singapore Nifty had opened 3% down and was still down when I last saw it. That’s anyway a panic reaction, which is genuine as well. The Singapore Nifty is drawing lot of attention now days and if this continues expect Indian Stock Markets to extend closing time from present 1530 Hrs to atleast 1500 to 1800 Hrs in future.
+ Markets on Wednesday recovered sharply after the news of China cutting the CRR by 100 basis points. The move reflects the underlying fears in Chinese administration. Hope you all remember MFF some time before had predicted that India would overtake China within next few years if the global situation remains status quo. India missed reacting on overnight cues from the US but expect to see that on Friday if market opens for trading. The US market would be closed tonight on account of thanks giving day.
+ The support and resistance for Nifty remains same. Read them on MFF’s previous post. The nearest resistance for Dow comes at 8770 and 8860. The Support for Dow comes at 8600 – 8300 – 8200. The way US is fighting using the bailout packages would save lot of sleep for us. The Axis Bank call given here made quick profits and a sell message was sent through MFF SMS Group, others who do not receive messages can also book profits in the stock, also please join the sms group so that info can be shared quickly. Expect a dull trade on Friday if market opens.