Udayan's View: Near-term mkt direction in next 2 days

Mumbai: In the next couple of days, we might get the near-term direction of the markets. It's again a big day today. We might see markets swing with a few major results today and tomorrow depending on the global markets.

Today will be a two-way trading day, but yes, tomorrow, we may get a sense of the near-term direction.

On markets:

Its a big day, its the last day of this earnings season and so many numbers are stacked up today and very influential numbers too.

There is a Fed meeting later this evening, so that becomes a pivot for the market and global markets too perhaps in the near-term. So that’s is the big event we are watching out for.

Today is the day after the domestic monetary policy of course but there is just too much swinging around, quite a bit of volatility everybody would be wondering what the market’s next course is, after hitting 20,000 it’s got a bit choppy.

So today is a big day, tomorrow is another big day the next couple of days we will probably find the near-term direction for this market.

On volatility:

Quite possible because today so many numbers are stacked up and they are very market leading numbers. I think today you’ll see probably the market swing with the earnings, which come in.

Tomorrow almost certainly the global markets and India will move in sync with what’s happening with the US Fed and there is the degree of uncertainty with what the Fed will deliver this time.

I think things are interestingly stacked up and it may make for two way trading and it makes for certain amount of volatility for sure. So I suspect today might be another day of a two way trading and tomorrow will probably find direction in the near-term.

It’s an interesting trading call at this point in time what to do after hitting 20,000 seeing in the first bout of choppiness.

I don’t think there are any easy answers we just have to wait through the news flow over the next couple of days and see.

Asian Markets:

Couple of the markets have got back into the green Nikkei and Kospi have, Straits Times is flat, Shanghai is down just about a quarter of a percent, very flat markets across Asia can hardly call them down.