Backfire

The Indian market is one that will time and again do things that will make you sit up and take notice. It will do it off and on. Won't take any cues from happenings elsewhere and chart its own course. And that's what it did yesterday. Did not even respond to the 2 day deceleration on the Dow. And shoved aside the record 7.41% inflation figures too......now that's interesting. Instead took cues from the Asian markets and the robust results of Infosys. That Infosys news was the correct thing to follow, I think there needs to be some correction to reflect the global weak sentiments. The negatives of last friday though local to US ( not so great results for GE), should have given a negative sentiment signal globally too. That we are majorly dependent on the US not only on the trade side, but also when it comes to political influence, Resources, Currency pairing, et al, not forgetting the growing oil bill, thanks to the rising oil prices, should have made us adjust/align to the happenings in the US to some extent. But we went hay wire. Started in the red and shot up quickly to end the day on a high. And possibly I am not the only one who saw their opinion being rebuffed by the market.

The Idea for today?? Should continue the up swing and be in the above 16,300 level (BSE) and 4900 (NSE) for the day. Will wait and watch for now.