Markets Snapshot

- How much ever few people get hurt they forget that they have been hit before and
immediately start murmuring the same old words again “De-Coupling” was again heard on
Friday when Indian markets bucked the trend and moved up and closed more than 300
points after a gap down opening of almost 300 points in the morning. Due to growth which
India offers right now there would be interest at lower levels and hence we may buck the
trend now and then but India cannot be isolated from the general global sentiments.
- The focus now is on the upcoming budget which would be presented on the 29th of
this month. After the budget the market would start talking about the last quarter results
which would be declared by the corporates. Though the market has recovered considerably
from the lows there are many many stocks still down more than 50% from their highs and
thus the gains on the indices front may be limited for the time being.
- We should see immediate support at 5250 and immediate resistance at 5365.
Pakistan would be holding elections tomorrow and it would be fun seeing how they are held
under Musharaff's dictatoship!