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India week ahead - 26th - 30th Sept 2011

|Includes: EEM, WisdomTree India Earnings ETF (EPI), IFN
This week the Indian markets fell by 4.6 % after moving up in the initial part of the week. The global rout happened post the high expectation of a QE3 in the US. This drove commodities down, silver fell by as much as 18 %. The volatility also shot up globally. The Greece issue continues to take center stage and keeping markets on the edge. The global leaders came together to reiterate they will support the global economy grow and help avoid any sovereign defaults. Hope it is not easy money policy which can push inflation across the globe. The inflation in India came down last week, the target by the government is to get it to 6 % by March, and this will help the economy considerably.
This week the Indian markets may be volatile with the derivative expiry. Post a sharp fall last week, we may see a bounce. We will also be closely watching the FII actions, who were net sellers in the last 3 days. The global cues will be closely watched too.
The derivatives position for the week stands at Rs 138343 Crs in OI; the PCR is at 1.27 the option IVs for Calls at 29 % & Puts at 32 %. The Nifty Future is trading at a 4 point premium to spot. The derivative position too suggests an upward move.
Nifty on 23rd September: 4867
Nifty trading ideas for the week: Buy Nifty around 4800 - 20 levels for a Target of 5040 SL: 4780
Stock ideas for the Week: Buy HPCL around Rs 370 for a Target of Rs 380 SL: 367
Happy trading