India Morning Report August 24, 2012: The Markets weary and weak, for there are no promises to keep

Power breakdowns post rains in Bangalore prevented the report from coming out and that means all backup arrangements were suly xhausted before the sun came out as the Banks took down the otherwise resurgent index sticking around 5400 levels and things could look up in the afternoon session still to go.

The Bank nifty is trading near the day’s low at 10350 and will likely close around 10410 at the end of the day. the incessant calls for material proof that things are looking up from people who missed this rally have come into play, usually ignored unless real investors have been missed and thus this break might yet be temporary for the expiry at hand and you could just be getting better pricing for ypour sold puts on Thursday 30th August. But again, maybe not. the indices could very well require investors and late bettors to bite the bullet and exit longs indeed if the banks do not recover after the news of the PSU bank strike is eagerly followed despite chids being proved good int he 2G judgments of the day which had hitherto got more attention

Indian polity’s desire to Twitter block the next few inciting hatred did nto go down well with the free press or watchers on ( which we see many  of) IFCI is down on conversion taking government public stake to 59% and Coalgate decisions are yet to come even as RPOWER continues to suffer after Krishnapatnam despite the better run from REl Capital easing pressure on the group and Rel Infra sidestepping the disqualification in the Delhi Airport Line ( akin to the Piccaddilly Line and usually refered by us as such ) 

 

 

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