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Worldwide economies failing to gain traction

This article was posted on Jul 2, 2010 and is filed under Market Outlook

Economies worldwide have been failing to recover, after the Greece and Europe debt issues, now comes the lowest employment by private companies in U.S, it fell for the first time this year as thousands of temporary census jobs ended.

Private hiring rose 83,000 after increasing only 33,000 the prior month. S&P 500 weekend further breaking its 50-DMA & 200 DMA, indicating more pressure on the downside.

Markets worldwide have dropped down by more than 4%, whereas Indian Markets managed to trade strong, this has been mainly due the FII’s Inflows.

Once the American and Chinese Markets settle, then we are likely to see some downside, as Foreign Investors are likely to divert their funds from India to other Markets worldwide.

Indian market could be put to test next week as market players will have to contend with the RBI rate hike, a mixed US jobs data and the RNRL-Reliance Power merger.

Nifty faces strong support at 5230, below which are likely to see some more downside of up to 5100 levels. Overall Nifty looks weak, we are likely to see slow downside over a period of 2-3 weeks time.

Investors and traders are adviced to trade cautiously, with tight Stop losses

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