Once again, US markets traded in the red with the fears of bad earnings reports and every day new high crude oil prices. DOW lost by 100 points(0.82%) and NASDAQ by 31 points(1.29%) in today's trade.
Triggers
1. New high's of crude oil
2. Dollar slippage to new record low against EURO
3. Dollar fallen against YEN
Impact on India
With the negative cues which have come from US today, we can see almost a flat opening today and can trade in the same range as yesterday. I think , the next immediate trigger for Indian markets would be the policy announcement from RBI which is due for 29th of this month and till that time, it looks like NIFTY will stay above 5000 and can trade in the range of 5000-5100. As a whole , I am bearish for the month of MAY which can see major correction as seen in the year of 2006 and plan to hedge my portfolio through PUT's in NIFTY. I strongly feel that 5300 PUT @ 150-200 can fetch you good profit for the month of MAY.
What's your strategy ? leave your comments ...
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