Forthcoming Week Key Events which will Drive Indian Market

As we write this report the stocks have taken a dip worldwide as September jobs report  has disappointed as US government reported that more jobs were lost in September than had been expected.  The Labor Department reported that employers cut 263,000 jobs last month, up from 201,000 in August and worse than the 180,000 losses economists were expecting.The unemployment rate rose to 9.8 percent, in line with forecasts.

However as a strategy in stock market people are buying in the dips and will be selling in any kind of rallies.

Key events for the forthcoming week	Date	Time Indian Standard Time (IST)
US employment report	02 Oct	6 PM (Report Released)
Bank of England interest rate decision	08 Oct	4:30 PM
ECB interest rate decision	08 Oct	7:30 PM

Jobless Data
Jobless Americans climb to 551,000 in September 2009
Jobless rate in Europe touches 10 years high 

Thus it makes sense to track these data as it affects the performance of Indian market and we will be seeing action at NSE and BSE after a full 3 days break and thus it will make sense to watch the market for first 5 minutes to identify the trend of the market. RSI for Nifty is near 70.34 and as a strategy one can short when the Nifty RSI falls below 70 level and this is applicable for an uptrending market.

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