Nifty Has Support At 3400: Hunny Tarika, Fairwealth Securities

Nifty Has Support At 3400: Hunny Tarika, Fairwealth SecuritiesTechnical analyst Hunny Tarika of Fairwealth Securities said that Nifty witnessed good consolidation between 3300-3400 before moving upward to mark its closure above the 200 DMA of 3400.

Tarika said that stock traders are advised to be careful as there were low upside volumes on Thursday & Friday trading sessions.

He added that Nifty is shaping a pessimistic divergence in an overbought region. Those holding long positions should keep tracking their stop losses and any new position should be taken only with strict stop loss.

Stable banks and trade only hope for European recovery

International Monetary FundWashington  - Europe must do better in cleaning up its banking sector, should the continent have any hopes of recovering from a devastating recession, the International Monetary Fund said Friday.

The World Bank meanwhile said some 35 million people in Eastern Europe and Central Asia could be thrown back into poverty by the crisis, and called on on Western Europe to keep trade links alive with its struggling eastern economies.

Despite strong policies, Latin America headed for recession

International Monetary FundWashington  - Latin America will follow the rest of the world into recession this year, despite governments' best efforts to insulate the region from the worst effects of a devastating global financial crisis, the International Monetary Fund said Wednesday.

South America and Mexico will contract 1.6 per cent in 2009 before recovering slightly to 1.6-per-cent growth next year. The slowdown follows a growth rate of 4.2 per cent in
2008, according to the IMF's updated World Economic Outlook.

Zoellick: G20 talks omitted aid for poorest countries

Robert ZoellickWashington  - The World Bank will be prodding finance ministers this week to help poor countries that have been left out of global efforts to combat the financial crisis, the development bank's chief said Tuesday.

Robert Zoellick, World Bank president, said the Group of 20 (G20) nations summit earlier this month in London addressed many of the "big global financial problems" facing the world's economies but provided little or no money for struggling developing countries.

Latvia struggles to meet conditions of IMF handout

International Monetary FundRiga  - The Latvian government outlined a bleak scenario Tuesday of spending cuts even more stringent than those already announced as the embattled Baltic state struggles to meet economic criteria laid down by the International Monetary Fund (IMF).

Speaking after a lengthy extraordinary meeting of the cabinet, Finance Minister Einars Repse said the situation "forces us to look into expenses we promised to leave untouched earlier."

Those expenses are likely to include politically sensitive items such as pensions and healthcare, which had been partially shielded during earlier rounds of cutbacks.

Expect range-bound Nifty, Volatility at higher levels: Hunny Tarika, FairWealth Securities

FairWealth SecuritiesNifty showed increased volatility around 3430 -3450 which happens to be the 200 DMA of the market and closed below this at 3384. Increasing volatility at this level is obvious as Nifty has rallied almost 1000 points from 2540 to 3510.

A consolidation can be seen around levels of 3150-3400 before market makes new highs.