Global Stocks drop : Fed maintains pace on stimulas cuts

Nifty expected to open gap down again on weak global cues [Nifty was weak on pre -open during this post ] . Asian stocks already in red because of last night drop in US stocks . Support comes at 6000 as mentioned in my previous post and a break below it can go down till 5800 . I am bearish on the Nifty in the short term and will resume buying only after May -June 2014 . ICICI , Crompton,GAIL,TCI and Century Textile posted good results , while Titan and IOB posted dip in profits from last quarter. I am not taking any positions today but will look to trade on Friday as Fed Euphoria settles .
Fed continues to cut down on stimulus as US economy improves . It found good support from all its members as they all agreed on the policy . I will look to sell on any rallies on S&P . China Manufacturing low than expected which added fuel to the fire with index in red .  Coming up on currencies dollar was slightly weak after the release . There is no clear pattern emerging on currencies and I remain to be sidelined .
Strategy
No change in long $UsdChf .
No change in short $NzdUsd.

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