Nifty has been trading in a narrow band of 4617 -4731 for the past three days. A breakout/ breakdown from this range was expected. Today Nifty failed to trade above 4731 and plunged sharply to close below the lower range of the band. Going forward a lot will depend on global cues as there are no domestic triggers to take Nifty above 4800-4850 at least in short term. Metal, IT, Auto the sectors which were the leaders today saw exhaustion.
Talking about Asian Tigers it’s interesting to read this article:
http://online.barrons.com/article/SB124944593950307091.html?mod=barrons
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