Manmohan Singh government is going to face vote of confidence on July 22nd. A today special session of parliament is held on 21st and 22nd of July for this. Mostly it will get through the vote of confidence. If it won’t it will affect markets badly.
Markets pulled back sharply in the last two trading sessions in the previous week. Especially badly beaten Bankex outperformed Sensex on those two days. Important resistance levels are crossed. Crude oil for August delivery settled lower at $US128.88 a barrel on the New York Mercantile Exchange. A week ago, Nymex crude touched a record trading high of $US147.27 a barrel, before settling at $US145.08. In the last week, it has fallen by $US16.20, or 11.2 per cent. The short term is looking okay now but medium and long term stories are still dependent on global factors.
WPI (Wholesale Price Index) based annual rate of inflation for the week ended July 5th is recorded at 11.90%, marginally high compared to its previous week’s figure. Now the inflation figures are released on Thursday at 5 p.m. instead of usual Friday.
Though the short term looks good small investors better don’t try to time the market.
Sathish Emmadi
Sathish Emmadi is a co-founder & editor at Lastbull.com. He is presently working in IT for one of the world’s top mutual fund companies. Handled multiple projects in BFSI (Banking,Financial Services and Insurance) domain. An Engineering Graduate from NITW.
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