Nifty Cmp : 4947
Yen is once again trading at 103.30/dollar and it takes 102.80/dollar
as it takes support twice in this month alone. If yen is gonna break
this level then we are gonna open to downtrend. Hardly,we can see
Nifty anywhere between 4740-4780 levels if yen to break support.
Because FII's turn net sellers in past four sessions and any downturn
below 102.75/dollar will further initiate selling pressure from global
hedge funds. Yen on last thursday bounced from the support 102.80 to
104 levels. But dollar loosen its strength against Yen as US Housing
recession deepens with weaker data.
Yen remains my last hope for the markets to recover. Any how we gonna
open in red but recovery is in the hands of Yen.
Japanese markets behaviour will indicate in just 4 hours from here.
Whether we gonna sustain above the past support 4913 or not.
Regards,
Rajandran R
Author- Marketcalls
Article compiled & posted from my Sony Ericsson mobile k550i.
Time: 02:16 a.m, 26,May,2008
