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Dear Subscribers,
Markets on Thursday: Asian Markets ~1.5-2% up; European Market ~2-2.5% up; US Market = Closed (On Wednesday: Dow Jones industrial average gained 2.9%, the S&P 500 index advanced 3.5% and the Nasdaq composite surged 4.6%).
Both the Bombay Stock Exchange and the National Stock Exchange remained closed today due to the terror attacks on Mumbai as per the directive of capital market regulator Sebi. Normal trade will resume tomorrow (Friday). Meanwhile, the November expiry is postponed till Friday.
European, Asian shares advance after another surge on Wall Street. India closes markets after terror attacks. U.S. markets were closed for Thanksgiving and will close early Friday. Stocks staged a comeback Wednesday afternoon as investors cheered the latest addition to President-elect Obama's economic team and looked beyond dismal economic news.
HBJ Capital’s Views for Friday:-
- It is holiday season for the US market which was driving the global equity market. Back home one side it is terrorist attack which will try to push the market down but at the same time global clue were positive which will help market move upward. Both these sentiments will counter balance each other.
- Now we are left with only one event which will decide the trend in the market & that is expiry? We have witnessed short covering on Wednesday which leads to Nifty ~ 100 upside. All depends on traders; whether they will roll over their SHORTS or let them expire.
It would be better to follow the same trading strategies which were provided on Thursday.
Regards,
Sandeep Jain, Associate, HBJ Capital.
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