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Time: 6.30 pm
Post Market Report:
- It was a positive surprise for our markets.
- All world markets are down and India is up.
- We did mention in the "Mid Market Report" that traders will cover their shorts ahead of long week end.
- That short covering took Nifty future beyond the upper range of 6540 that we mentioned in the morning, but closed within the range that we mentioned.
- Russian markets opened about 5% lower and then recovered 2%.
- Also the WPI inflation data was good.
- So all these contributed to the impressive intraday rally of more than 90 points in Nifty future.
- FIIs have bought for Rs 982 crores, another impressive figure.
- But DIIs have sold almost equally at Rs 866 crores.
- VIX has fallen again by more than 2%.
Comments
I did expected it to close above 6500.05 as today is a weekly close, Weekly close below 6500 would be considered as bearish for our market. IT and Pharma has entered medium-term downtrend. CNX Fmcg index has closed positively, CNX Auto could make a final spike along with Energy Index.
ReplyDeleteI am not a technical person. My views are based on fundamentals. I believe that technicals is just like "josyam", first question is that it is right or not? second question is that the person's ability in interpreting the "josyam". Tehnicals is right or not? Technical analyst ability to interpret the techinicals is right or not? One of my friends who claims to be a very good tehnical analyst shorted the counter Adani Ent. and lost nearly Rs 3 lakh in a single trading session. Markets are at all time high, Nifty shot up from below 6000 to more than 6400, the rally was attributed to strong performance of BJP, Adani group is so close to BJP and particularly to Narendra Modi, I do not know on what parameters, he shorted the counter. I am not totally rejecting technicals, you may use technicals but also consider fundamentals, in short don't be a technical person, be a techno-fundamental person.
ReplyDeleteCompletely agree. Technicals are like Josiyam. Learned my hard lessons in 3 years experience. Josiyam has to be merged with options and futures OI data to give better results. It's Ture, anticipating Modi's victory Gujarat based companies/entrepreneurs stocks have already rallied so much ...
ReplyDeleteThese are some of the Gujarat based companies,
Adag and Adani group is closely watched
Aarvee Denim
Adani Enterprise
Adani Ports
Adani Power
Alembic
Alembic Pharma
Arvind Mills
Atul Auto
Cadila Healthcare
Dishman Pharma
Ganesh Housing Corp
GHCL
GSFC
Gujarat Alkali
Gujarat Ambuja Exports
Gujarat Ambuja Cements
Gujarat Apollo
Gujarat Gas
Gujarat Narmada
Gujarat NRE Coke
Gujarat State Petronet
Kotak Mahindra Bank
Mundra Port
Ratnamani Metals
Sun Pharma
Torrent Cables
Torrent Pharma
Torrent Power
United Phosphorous
Welspun India
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