Markets hopefully should be slightly more stable today with the cues we have. Overnight, US markets closed higher with S&P 500 gaining 1.8 per cent, stable commodities and China markets shut should aid the positive sentiment.
Nifty should start slightly higher (as per SGX). US data was slightly soft and the attention going forward is going to be on the payrolls number. Markets don't have to contend with any negatives from China which is closed today and tomorrow. A sigh of relief! No big moves in any commodities were seen overnight as well.
Remember, that banks set the tone down during the last 2 sessions and we saw fresh shorts being built in Bank Nifty yesterday as well. Private banks which have also seen selling lately though did not see any increase in short positions yesterday. The public banks were the worst hit.
The Rupee has held steady for the 2nd straight day. Nifty futures premium interestingly jumped higher to 25 points yesterday from 15 points in the morning and India VIX closed down 7 per cent at 26 levels. It is important that Nifty holds the 7,750-8,000 levels.
Nifty should start slightly higher (as per SGX). US data was slightly soft and the attention going forward is going to be on the payrolls number. Markets don't have to contend with any negatives from China which is closed today and tomorrow. A sigh of relief! No big moves in any commodities were seen overnight as well.
Remember, that banks set the tone down during the last 2 sessions and we saw fresh shorts being built in Bank Nifty yesterday as well. Private banks which have also seen selling lately though did not see any increase in short positions yesterday. The public banks were the worst hit.
The Rupee has held steady for the 2nd straight day. Nifty futures premium interestingly jumped higher to 25 points yesterday from 15 points in the morning and India VIX closed down 7 per cent at 26 levels. It is important that Nifty holds the 7,750-8,000 levels.
