Technical Analytical Outlook
The Market Is Getting Worse!!!
The market continues to get weaker day by day with the rounded top formation on both daily index charts threatening to bring the market down sharply.
Government’s active intervention is badly needed to resurrect the market from its present predicament.
The Rupee rose 0.8% yesterday on export dollar selling. Weaker Rupee is good for the economy though it may prove to be politically unpopular since it will result in an improved balance of trade and a significantly improved Balance of Payments scenario. But an ever increasing interest rate is disastrous not only to the stock market but also to the economy as a whole. We shall never be able to achieve anything even close to the current 7% growth predicted for 2012 with interest rates at current levels.
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