Daily Market Strategy: Nothing really! Some may term it prudent; others say it was due to lack of choice. The RBI left the policy rate unchanged in a scenario where sharp rupee depreciation has clouded inflation outlook and volatility in portfolio flows has increased CAD financing risks. Expectations are that the RBI will effect few rate cuts in the remainder of the fiscal. Now all eyes will be on the FOMC meeting over the next two days wherein the Fed would release its updated projections of growth, inflation and unemployment along with its much‐awaited stance on the QE program. Expect the rupee to be impacted by the developments here. The outlook today is once again flat to slightly positive. The current upwing on the Nifty may find stiff resistance around the 5880 mark, which is the 100 DMA. The US markets ended with smart gains, the Dow Jones ended higher by 0.7% while the Nasdaq added 0.8%. Asian shares were trading lower. The Nikkei index was down 0.5% while the Hang Seng index was down 0.8%. slinvestments.in
Posted on: Tue, 18 Jun 2013 04:24:13 +0000
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