Post Market Report, November 29, 2013 | Stocks and Commodities

P R Sundar, Aditya Trading Solutions

 November 29, 2013
Time: 8.30 pm

Post Market Report:

1. Today's market move was totally not expected.
2. Most Asian and European markets are trading at 5 year highs.
3. But our markets were 5 to 6% lower than its peak.
4. Today FII buying was Rs 745 crores.
5. This is not significant amount.
6. So the rally was mainly because of short covering.
7. Usually Friday afternoon there used to be some profit booking.
8. But today there was no profit booking also.
9. So the rally is likely to continue next week.
10. GDP data came at 4.8% which is in line with expectation.
11. Also forex reserves at 5 months high will support the rupee.
12. Crude oil also tarding at the upper end of the range $100 to $110.
13. So crude going up from here is also less likely.
14. Also next Sunday state election results are due.
15. There will be some kind of rally ahead of election results.