April’s altering attitudes!

The greatest discovery of my generation is that a human being can alter his life by altering his attitudes of mind. - William James The market seems to be swaying to the tune of whatever comes its way in terms of data. The data which may not have much relevance but can still benefit sentiment is the fact that the S&P 500 has risen every April for the past five years, says a report. The PMI data revealed slower growth and saw local indices cooling. Some warmth came in from hopes that the RBI may mull a rate cut on account of the slowdown. US indices gained ground. While the March manufacturing was a tad above expectations, the rejoicing came from the fact that US prices rose less than expected, which promoted less worries on the inflation front. All eyes are now on March jobs report due on Friday (which is a public holiday). We expect a positive start for the markets today however some cooling-off in the later half cannot be ruled out. Short term hurdle for Nifty is seen at 5,360 above which uptrend could extend beyond 5500 levels. European stocks closed higher, while Asian markets remains changed. With global events dictating movements very often, investors may prefer remaining lighter ahead of the very long weekend. The dollar fell slightly against the British pound and the Japanese yen. Oil for May delivery rose $2.21 to $105.23 a barrel.