MFF – 081201 – 22:44 Hrs

+ The Indian Stock Market almost tested the resistance level of 2840 given by Market Fast Food on Nifty, it in the course of the day hit high of 2832.85 and then fell hard. MFF had sent a message stating that the PM taking over the charge of FM is nothing positive, but the gap up opening made many think otherwise. In fact investors failed to realize that the up move was actually factoring in the upmove pending on account of market remaining closed due to the terror attack. Though it opened on Friday there was literally no move hence today was the day to factor it.

 

+ I do not want to speak much politics on this site (same was mentioned in earlier post also) but few brief points would help many readers come to an conclusion. The resignation of Shivraj Patil is nothing but a gimmick. This Govt. has just few months to complete its five year term and after enjoying power for almost full term the minister resigns! Investors were already fed up with P.Chidambaram and hence by giving him Home Ministers chair the Govt. has indirectly axed FM. A director of an organization sent an interesting message to me, let me share it with you all… “Let us hope Chidambaram is successful in bringing down Terrorism the way he brought down Share Prices”

 

+ The world knows that Pakistan is behind the attacks, its anyone’s guess but the most funny and shocking part was when PM Manmohan Singh invited ISI chief to show him the proof of their (read Pakistan’s) involvement in Mumbai terror saga. What happened later? He will never come to India! It’s like inviting a terrorist to show him a proof of his involvement in an attack (though ISI very well knows that they are spreading terror) and the Govt. wanted them to accept responsibility? Taking lessons from Congress Govt. Bush should invite Osama Bin Laden to give him a proof as well…

 

+ Markets fell hard on global cues. The Dow is in free fall mode today. The few data released have spooked the markets further and now people fear deeper than expected recession. The supports for Dow were given in the previous post and they remain same for the time being. The resistance point mentioned for Nifty worked very well but I prefer not to mention any support level as we don’t know how panicked the market would be while opening for trade tomorrow. Assembly election results would be announced on Dec/8 and expect lot of activity at that point of time. Let’s wait and watch as even the markets would be waiting to hear a statement from our New FM cum PM.

 

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