Indian markets lost around 1.5%- 2% on Rupee's Weakness and Nervous Global markets. In the Morning SGX Nifty was trading at -80 points. Nifty opened n the negative zone, took a downward movement. Nifty closed below at 4288, after making a low of 4272. It closed just above the 50MDA which was at 4284 levels. In the chart we may see that the nifty closed below the 2nd trendline also. Sensex lost 338 points. Nifty always found good support at4250-4000 levels. We might see some pull back.
Inflation dipped for the third week. Inflation for the week ended lower at 12.10%. Rupee touched a new low of 45.50. gold is also making a new low. When the Crude is nearning a 4 month low at 101$, OPEC countries have decided to cut down the output of the crude so that the price remains above 100$.
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