In a knee jerk reaction to a surge at Wall Street, index futures open firmer at 1186 last Friday and attempted to break past year's high of 1189 in early trading. As with previous trading sessions, quick profit-take selling soon emerged and futures back pedaled to trade in a tight range thereafter. Over the course of last week, August contract have most part of the week drift sideways in the absence of fresh catalyst to settle at 1183.5, up 4 points.
For today, market looks set retrace grounds, particularly after a surprise drop in US consumer sentiment report raised worries about the strength of an economic recovery. Expect range-bound trading on downward bias between 1172-1189 range today and turnover to lag behind as many traders still adopt a "wait and see" approach.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment