NF (5082) - For Aug. expiry also the levels are remain same :
(fortunately yesterday aug. series nifty future made low 5070 and high 5148) Support 5090-5070 Resistance 5150-5175
Below the support take it down to 5030-5010
Above the resistance, upside 5225-5250
NF (5225) - All levels are remain same :
Support 5232-2222 above that upside target 5260-5280
and if stays above that already mentioned target of 5375-5405 remains same.
Below 5232-5222 next support in down side 5170-5150
Brazil is confronted by slowdowns in its major export markets together with a home grown credit mess. It is doubtful that it can save itself, much less the rest of the world
In February 2011, I wrote a piece about what I thought was a credit bubble in Brazil. I thought that the problem was serious and that it could potentially lead to a collapse. Most other commentators felt that there wasn’t really a problem. For example, I quoted a former central banker, Arminio Fraga, who said that there wasn’t an issue. He said “We may have traces of sub-prime in the system... I don’t think it has gone that far.” He was wrong.
Since the crash, emerging markets have helped to spur global growth. The faith in their ability to continue growing seems eternal. On 12th July, I saw a new report from Ernst & Young that suggests emerging markets will save the slowing world economy and provide a new engine of growth. It is all rather sad, because they won’t. An excellent example is Brazil.