The ECB chief Mario Draghi tries to keep his Promise of Saving Euro Zone. At present he want to Help the struggling economies Spain & Italy - by bringing down the borrowing cost by Purchasing the Bonds.
I feel tomorrow world equity market depends on Draphi's plan and how it was accepted or agreed by Policy makers in over all. Spanish and Italian government bond yields have fallen significantly since Draghi said on August 2 that the ECB would buy bonds issued by Madrid and Rome.
Coming back to India, much awaited puzzle of Hike in Petrol, Diesel and LPG is nearing to an end, it seems Prices may be hiked. Due to chances of Rating Downgrade I feel this time the Govt may hike all these to tackle the Fiscal Deficit. Since festival seasons are nearing - rise in these items may impact on Festival sales too. Also inflation may also shoot up.
In the 12th 5 Year Plan, Panel has decided to lower annual average GDP from 9% to 8.2%
Finally Monsoon rains were 31 percent above average in the week to September 5, the weather office said on Thursday, the second straight week of heavier than normal rains, reducing the threat of a prolonged drought in the country. Finally a reason to smile.
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Looking at Nifty Chart - took support on the Trend Line and raised, but failed to give a breakout above the channel shows that the threat is still on.
Not made any EW count - as changing it again and again is meaningless. Lets wait for the clear picture to emerge. Lets the week end give us a clear picture atleast. cheers!!!
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