India's inflation accelerated to a nine-month high as prices of fruits, vegetables and oilseeds rose, giving the central bank less room to reduce interest rates.
Wholesale prices climbed 5.02 percent in the week ended Feb. 23 from a year earlier, faster than the previous week's 4.89 percent, the Ministry of Commerce and Industry said in New Delhi. A Bloomberg survey of 10 economists forecast a 4.8 percent gain.
Finance Minister Palaniappan Chidambaram said on March 4 the government may take more steps to curb inflation as the winter crop of wheat, rice and pulses is likely to slow this year. The Reserve Bank of India cited rising prices as the main factor when it held rates at a six-year high in January.
Friday, March 07, 2008
TODAY'S MARKET PREDICTION
GLOBAL CUES ARE EXTREMELY NEGATIVE.
INDIAN MARKET WILL OPEN IN GAP DOWN.
NIFTY LEVEL 4800-4950-5050.
TRADER CAN GO FOR SHORT FROM HIGHER LEVEL WITH SL OF 5100 AND GO LONG FROM LOW LEVEL OF 4800.
IN AN INTRADAY NO CARRY FORWARD POSITION IS ADVISABLE.
FOR LONG SIDE AUTO AND METAL COULD HELP AND FOR SHORT SIDE BANKING AND FINANCIAL SERVICE.
OIL PRICE IS THE MAIN CONCERN FOR THIS FALL WHICH TOUCH $105.47.
HAVE NICE TRADING DAY!!!
-BY MR.SAM
INDIAN MARKET WILL OPEN IN GAP DOWN.
NIFTY LEVEL 4800-4950-5050.
TRADER CAN GO FOR SHORT FROM HIGHER LEVEL WITH SL OF 5100 AND GO LONG FROM LOW LEVEL OF 4800.
IN AN INTRADAY NO CARRY FORWARD POSITION IS ADVISABLE.
FOR LONG SIDE AUTO AND METAL COULD HELP AND FOR SHORT SIDE BANKING AND FINANCIAL SERVICE.
OIL PRICE IS THE MAIN CONCERN FOR THIS FALL WHICH TOUCH $105.47.
HAVE NICE TRADING DAY!!!
-BY MR.SAM
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