==>> Japan, Germany, Canada unveils economic aid, while Belgian govt falls

Nifty opened week and slided in the neagative teritorry immediately. Nifty closed at 3039 after making a high & low of 3110 & 3027 respectively. Nymex crude bounced back sharply to cose above $42 per barrel. It was obvious that the automobile companies will be benefited from the bail out. As such the amount was not that big, it was like a peanut, when the US government ca provide nearly $800 bn bailout program then $14bn was nothing for them. Otherwise the closure of these units have created more unemployment for the the US.
As mentioned in my last blog also that we might see some profit booking or correction, in the coming week, coz the pattern that was created in the Nifty chart, showed some sign of correction. But the Nifty still have a good support at the trendline.
Japan, Germany & Canada [ledged new measures on Sat to confront a financial crisis in the banks, auto industry. Belgian govt also falls. Tokyo joined govts worldwide in pledging hundreds of billions of dollars of fiscal stimulus to lessen the impact of the crisis on their economies, many on which included, are already in recession. Total stimulus package amounts toY10tn. Canada also approves addtional package of $3.3bn.