Today the markets closed almost flat. Sensex closed at 8822 after making a low of 8619. Nifty made a low of 2677 before closing at 2733.90. Markets opened week amid week global markets. In the morning SGX Nifty was trading down 56 points.Today Finance Minister Pranab Mukherjee announced some relief measures to help industry cope up with the economic slowdown. Finance Minister has cut excise duty on bulk cement to 8% or Rs 230/tonne; cut service tax to 10%; also cut excise duty by additional 2%. The excise duty of 8% will be applicable beyond March 31. He also extended custom duty on naptha beyond March 31. A 4% excise duty cut across the board will also be extended beyond March 31.
Nifty has taken support at the trendlin. We might see some pull back from these levels.. Earlier i have informed that on every rise in Educomp create short position, it will see a nose dive fall. yesterday it was down around 14%, made a low of 1710 in Nse. We might see some pull back again, but wait for the right oppurtunity to create short position again......
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