Thought for the day
"A man who has been the indisputable
favorite of his mother keeps for life the feeling of a conqueror."
— Sigmund Freud
(Austrian, 1956-1939)
Word for the day
Flivver (n)
Something of
unsatisfactory quality or inferior grade.
(Source: Dictionary.com)
Malice towards none
Outside the Islamic nations, two largest democracies - USA
and India - are perhaps the most racist and sexist.
Why so?
First random thought this morning
As per reports India aims to create an additional 190 mtpa
capacity by 2025-26. Approximately $1 billion investment is required to develop
1 mtpa steel capacity, implying a need for US$190bn investment requirement for
the struggling industry.
Has someone examined leasing massive global idle capacities under
25-30yrs contracts.
Nifty:
Gathering momentum to make a "move"
Last week I had mentioned that benchmark indices are close to an
inflection point (see
here). I mentioned ranges 7730-8013 (for Nifty) and 16270-17270 (fro Bank
Nifty) on weekly closing basis in which these indices may consolidate before
making their next bigger move.
Both the indices ended the week very close to the lower bound of
their expected range, (7733 for Nifty and 16296 for Bank Nifty).
The global markets are jittery. The domestic markets have lost
considerable momentum in past two weeks. Benchmark indices are poised
precariously to their significant support level. But I do not see any sign of
weakness in the market.
In my view, markets should rebound after consolidating some more
around the present level. The intraweek volatility might surge materially as
result season picks up momentum and more core sector stocks declare their
results in next 2-3weeks.
For now I may reiterate what I said last week. I shall be watching
the following points closely over next 2weeks to take a call on the market
direction during June -October period.
Nifty: Weekly close below 7730 for a break down and 8013 for break
out.
Bank Nifty: Weekly close below 16270 for a break down and 17270
for a breakout.
Nifty: Momentum weakens, but no sign of a break down as yet.
Bank Nifty: Limited upside, but not breaking down as yet
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