Money Tree

GLOBAL MARKETS

US Markets

The US markets closed flat with a negative bias.

Dow Jones closed at 13476.72 down 10.81 points or 0.08 percent
Nasdaq Composite closed at 2539.38 down 08.04 points or 0.32 percent.

Europian Markets

The Europian Markets closed almost flat with a negative bias.

FTSE (UK) closed at 6579.30 up 19.80 points or 0.30% .
DAX (Germany) closed at 7499.50 up 18.25 points or 0.24%
CAC (France) closed at 6027.00 up 9.09 points or 0.15%

Asian Markets

The Asian markets closed strong yesterday.

NIKKI(JAPAN) closed at 17498 down 30.4 points.
HANG SENG (HONG KONG) closed at 20994.61 up 57.35 points.
KOSPI (SOUTH KOREA) closed at 1615.58 up 14.98 points.
STRAITS TIMES (SINGAPORE) closed at 3525.51 up 24.34 points.
SENSEX (INDIA) closed at 14299.71 up 172.40 points.
NIFTY (INDIA) closed at 4219.55 up 48.60 points.

FOREX

USD/ INR 40.91
EUR/ USD 01.35
USD/ JPY 121.29

GOLD (MCX)

8800/ 10gm

CRUDE

$64.96/ Bb

Today’s Market outlook

NIFTY is now very near to its all time high and it would be very difficult to cross that barrier. Two attempts have already been made in the recent past and it failed to cross that all time high level. The global markets are also weak today, US has closed in the red and asia has opened weak with Nikkei down about 130 points. Crude has also moved up and is hovering around $65 per barrel.
We expect a negative opening. Some profit booking and fresh shorts may be seen near all time high levels as fundamentally these levels are very difficult to sustain.

Stock to Watch

Bajaj Auto Ltd.

Yesterday in the last trading hour the stock lost about 10 percent to 2404 and closed at near 2500 levels. The valuation of the demerged entities is yet not clear and it seems that the stock will correct some more before it starts moving up.
It seems to be a safe long term buy between 2150 to 2250 range as the valuation could be anywhere between Rs.2800 to Rs.3200.