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A big move is coming. Watch 17,200 on the Sensex for a major decline
Last week, we had said that it is becoming hard for the market to continue to climb. Over an entire week, the Sensex went up by just 14 points. Indian markets opened the week strong on the back of firm trade data from China for December 2009 and expectations of strong December 2009 quarter results by India Inc. However, at the end of the day, the Sensex declined 14 points from the previous day’s close, ending the day at 17,527, while the Nifty closed at 5,249, up 5 points. On Tuesday, the market failed to sustain despite better-than-expected December 2009 quarter results from Infosys Technologies, which was announced before trading started. At end of the day, the Sensex declined 104 points from the previous day’s close at 17,423, while the Nifty closed at 5,210, down 39 points.
On Wednesday, markets remained highly volatile throughout the day as they opened lower from the previous day’s close on weak global cues, followed by China’s move to curb lending. However, at the end of the day, Indian markets shrugged off the weak global cues following strong industrial production data and on expectations that Indian firms may report good earnings in the third quarter.
The Sensex gained 87 points from the previous day’s close and recovered almost 250 points from the day’s low to end the day at 17,510, while the Nifty closed at 5,234, up 24 points. During the day, Asia’s key benchmark indices in Hong Kong, Japan, Indonesia, South Korea, Singapore and Taiwan fell by between 0.87%-2.59% while the Chinese index fell 3.09%. Since the Indian market bucked the global market trend, it seemed that another strong move was afoot which would take the Sensex past its recent high of 17,790. On Thursday, the Sensex gained 75 points. Trading started on a high note triggered by Asian stocks, which rebounded after a sharp decline on Tuesday. But after a robust opening, the market was sold off until it firmed up after the European market opened strong. The index touched a high of 17,628 and a low of 17,525 during the session. The Nifty ended at a provisional 5,259, higher by 0.48% or 25 points.
On Friday, the Sensex edged higher in early trading, tracking the higher Asian stocks. However, it pared early gains very soon and was mostly flat for the rest of the day. It closed at 17,554 points, 30 points lower than the previous day’s close. The US market was sold off on Friday; the Dow was down by 100 points.
Where do we go from here? The market’s trading band has narrowed down to an extreme. This usually presages a major move. We can’t say at this moment whether the market will end higher or lower but a big move is certainly coming. If the Asian markets open low on Monday and the Sensex ends below 17,200, that would be an early sign of reversal of the uptrend. The rise has gone on for too long without a correction and it’s time for bullishness to cool down a bit.
Logitech has unveiled a new ‘Anywhere Mouse M905’ featuring dark-field laser tracking that lets you use your mouse on clear glass and high-gloss surfaces
Logitech, the world's largest manufacturer of computer mice, has unveiled a new mouse ‘Anywhere Mouse M905’ featuring dark-field laser tracking that lets you use your mouse on clear glass and high-gloss surfaces.
"Thanks to Logitech Darkfield, whether you're checking the morning news from the granite counter top in your kitchen or at work manipulating a spreadsheet from your glass desk, you can be confident that your Logitech mouse will be up to the task," said Rory Dooley, Logitech's senior vice president and general manager of the company’s Control Devices business unit.
Logitech said that its research showed that 40% of people have a glass surface in their home. This coupled with the increase in the popularity of laptop computers, means that people are moving around and coming into contact with a multitude of surfaces—like granite and lacquered wood—that challenge the tracking capabilities of standard mice. To overcome these limitations, the company has launched a new mouse that works well on even a clear glass and high-gloss surface.
The Anywhere Mouse M905 is available at Rs5,595.
Rakeysh Mehra has gone from being a sportsperson, to ace salesman, to advertising man and, finally, went into making films.
Eureka Forbes’s loss is clearly the gain of Indian cinema. Rakeysh Mehra’s roller-coaster life and its myriad experiences translated into a path-breaking movie that has shaken up a cynical nation and become a new rallying point for today’s self-obsessed and...