Mr. Nainesh Thakkar, Research Head at Shripati Holding & Finance feels Indian market may trade negative. It will test important support levels but may not hold there. His take on markets are as under:
The US markets recovered from their lows, but still finished in negative territory in a choppy session. With the recent declines, the Dow and S&P 500 are on pace for their biggest monthly losses since May. All three major indices have plunged more than 5% since last week’s presidential election.
Federal Reserve chairman Ben Bernanke made some important comments about the housing market saying that the housing sector is improving adding to growth and jobs.
Domestic cues
With just a week to go for the winter session of parliament, opposition parties are gearing up to corner the government over FDI in retail. The Communist Party gave a notice demanding a debate followed by a vote on the issue.
The BJP and Trinamool Congress are likely to back the move. UPA ally DMK is sitting on the fence. Party supremo Karunanidhi was non-committal on backing the government over FDI in retail.
In some political developments in Delhi – the Congress is getting ready for the big battle, the next Lok Sabha polls. It is clear that the party is waiting for the right time to call an early election.
Also, the elections will be fought with Rahul Gandhi as the mascot, who will head the coordination committee which has been set up to plan strategy for the next polls. In the recent reshuffle too, Rahul played a key role in deciding portfolios of the young ministers and also in choosing some of them.
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