Thought for the day
"Tread softly because you tread on my
dreams."
— W. B. Yeats (Irish, 1865-1939)
Word for the day
Internecine (adj)
Mutually destructive.
(Source: Dictionary.com)
Malice towards none
By tearing each others' clothes in and outside the
Parliament, our politicians are giving "transparency in public life"
a new meaning.
First random thought this morning
If the Economic Survey could be taken as the intent and guiding
principle of the government, it seems that the present government may be on
course to make the same mistake as Hitler did in WWII, viz., opening too many
front at the same time.
The intent is good. The ideas are also not bad.
Would be better if they take up issues one by one.
Despite persistent selling by FPIs, capitulation of retail
investors (as evident from the poor market breadth, at lower prices, without
any material spike in implied volatility) Nifty did sustain its critical
support level of 6950.
The weakening momentum however suggests that Nifty does not have
enough strength to make a large move (5% or more) on either side as yet.
Regardless of the presentation of budget, which has historically
been a key volatility event for the market, and the rumored possibility of some
adverse tax changes (eg, related to LTCG etc.), I do not expect it to be any
make or break week for the market.
The make or break event will most likely occur this summer in
Beijing (sharp CNY devaluation), New York (multiple Fed hikes) and/or London
(positive Brexit vote) later this summer.
Today, I would watching the budget speech on a non-business TV channel, and
would not like to participate in the market based purely on budget proposals.
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