Dressed for nowhere!

Know, first, who you are; and then adorn yourself accordingly. - Epictetus.

The indices again are set to kind of oscillate in a range with no clear destination in sight. The early bounce across world stocks has tapered off a wee bit. Old worries return to haunt investors. With mixed global cues, the opening is likely to be sedate at best.

US indices settled almost static. European markets ended lower following a tepid German bond auction. Italy and Spain remain in focus amid worries about their precarious fiscal health. All eyes are on the French bond auction. Asian markets are flat to positive.



Meanwhile, data on direct tax collection and ECB mop-up are reflecting underlying strain in the economy. So, one must wait for more decisive indications of a turnaround before committing money in equities. Market players would also tune into corporate commentary during the upcoming results season to learn about business sentiment.

Crude oil has spiked on Iran’s threat to block oil shipments as ‘western’ powers get ready to impose sanctions on Tehran for it’s reluctant to give up the atomic ambitions. Keep an eye on the rupee.

Auto shares may remain in the spotlight as the 11th Indian Auto Expo kicks off today.

The Nifty on Wednesday attempted to break above the horizontal resistance line of 4780 but renewed selling pressure at higher levels forced it to close below 4750. The consolidation range of 4680-4780 could continue with 4800 acting as the next trigger for a fresh upmove.

The FIIs were net buyers of Rs 1.38bn in the cash segment on Wednesday, as per the provisional figures released by the NSE. The domestic institutional investors (DIIs) were net sellers of Rs 834.1mn.

The FIIs were net buyers of Rs 2.53bn in the F&O segment on Wednesday, according to NSE data.

The foreign funds were net buyers of Rs 3.25bn in the cash segment on Tuesday, the SEBI data shows. Mutual funds were net buyers at Rs 3.14bn in the cash segment on the same day.

Global Data Watch: Australia trade balance, Australia new home sales, German retail sales, UK Halifax house prices, UK services PMI, EU industrial orders, EU PPI, US ADP employment report, US weekly jobless claims, US ISM non-manufacturing PMI.