The markets are now having higher intermediate bottoms but lower intermediate tops. Long term perspective will be good if the markets closes above its last intermediate top of around 15,580 levels. We can see a good come back rally after that. Do remember to book profits at higher levels. The equivalent levels in nifty would be 4,650. Indian markets were able to sustain good levels in the last 2-3 months as against the global peers. It sustained the last intermediate lows of 12,514 levels. So thats a pretty good sign for long term investors.
Some concerns would be as always the inflation figures, crude oil prices and certain developments at the center. The Singur issue is almost solved with some announcement expected very soon on that matter. Now as said watch out for levels like 11,200 in Dow and Hang Seng should also make a comeback as it has touched yearly lows now. Another space to watch for would be the IT stocks as the dollar has touched 44.60 levels already against Indian currency. The IT stocks could be a safe bet for coming days along with other exporters.
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