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Markets likely to struggle further

This article was posted on Jun 7, 2010 and is filed under Market Outlook

Markets worldwide are likely to see some more downside in the coming weeks. Euro sank to four-year lows on Monday as stocks and commodities fell after disappointing US jobs data and angst about euro zone debt problems fed fears the world economy may falter in its recovery.

Sharp drops in prices of risky assets across the board heightened market volatility and further convinced already nervous investors to play cautious and buy into safe havens.

Indian Markets lost more than 1.9% today, Nifty manged to close at 5034, ending 101 points lower, Sensex shed 336, and closed at 16781 ending below the 17,000 mark.

After concerns over the European debt crisis and weakness in the U.S. now comes another cause of concern i.e Hungary. Hungary’s government said the country might suffer a Greece-style debt crisis.

US jobs data that showed the labour market in the world’s No. 1 economy was not healing as well as hoped gave investors another reason to cut dangerous bets in an uncertain market, it posted the lowest hiring by the private sector in 2010.

Selling pressure can be seen from the FII’s selling off their positions in 2010, Total Buying 264,460 cr as compared to Total Selling of 270,315 cr

As of now we could head to our strong support of 4800, if we mange to close below this we could see some more downside

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