Post Market Report, October 29, 2015 | Stocks and Commodities

October 29, 2015
Time: 8.15 pm

Post Market Report:

1. Another day of disappointing close for the markets.
2. Blog reader Mr Prabhu Veeraraghavan mentioned on October 25 that Nifty has the potential to come down to 8100 and Bank Nifty has the potential to come down to 17200.
3. That has exactly happened, this shows that some times technicals works very well, I do not do which technical Mr Veeraraghavan uses.
4. I expected some kind of short covering towards the end of the day but that has not happened.
5. Yesterday it was Axis Bank and ICICI Bank that dragged the markets.
6. But today it was broad based selling.
7. More than half of the Nifty's fall was due to ITC, Axis Bank, Sun Pharma, TCS and L&T, all the five belong to 5 different sectors.
8. Europe opened lower in the afternoon and markets fell more after that.
9. PSU Banks fell the most due to NPA fear.
10. Yes Bank came out with decent results and shot up by 5% from intraday low, yet Bank Nifty fell drastically.
11. FIIs have bought for Rs 174 crores and DIIs have sold for Rs 299 crores in cash market.
12. In October series, Nifty was up by 200 points but Bank Nifty was flat.
13. We will discuss more in our "November Outlook".