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S & P 500
The SP500 nearly reached 1250, but now seems to be softening. The advance of the last few days can go into hibernation here. A consolidation is now expected. The overall trend remains positive though.

BOVESPA
The Bovespa remains choppy and stays within a range. The bias has, however turned to weakness and we expect the choppiness to continue for some more time.

Shanghai SE Composite

Dollar/Rupee
The USD/INR has moved up sharply after a swift decline. The trend is choppy and we do not expect it to become directional very soon.

Euro/Dollar
As expected by us, the Euro did reach 1.35 but failed to break above it. The trend has turned choppy and range bound again. The base for this move remains at 1.30. It is a wait & watch for now.

Dollar/Yen
The USD/JPY continues consolidating after a firm rally. However, we would see a move below 82.00 as a signal of weakness in the trend.

Dollar Index - DXY

Aluminium prices have been range bound for the last two weeks. Such a trend is helping it to consolidate gains on the way up and can result in a steady advance. A move below $2300 can cause weakness though.

Zinc prices have turned sideways but the action is taking place at a higher level. A steady advance may result from this trend. A move below $2200 can generate weakness in the trend. Over the medium term we expect broad two way moves.

The Defty has traded in a narrow range for the last two weeks. This is contrary to the view we had expressed. This can be a sign of impending weakness. We prefer to be on the sidelines until clarity emerges.

The PSU index has failed to take off after an attempt at recovery. This does not augur well for the index. We can see a decline over the medium term. A move below 9000 can cause damage to the trend.