Thought for the day
"I've spent several years in Hollywood, and I still
think the movie heroes are in the audience."
—Wilson Mizner (American, 1876-1933)
Word for the day
Furphy (n)
A false report; rumor.
(Source: Dictionary.com)
Malice
towards none
As it turns out, Rahul Gandhi, like her Aunt Meneka, is an
intense animal lover.
He refuses to chain his dog, even if it means losing 2-3
state elections!
First random thought this morning
In past few years I have noticed that the foreign media is doing
mostly Google/telephonic journalism in India, so trusting them is not prudent.
The Indian media is so selective, prejudiced and partisan in their reporting
that one has to be a really cruel editor to make any sense of their reporting.
Social media is over-enthusiastic and often manipulative.
So how do we know what's happening around! I suggest carry your
backpacks and travel for three days in general class compartment of Indian
railway.
Nifty: Momentum losing, expect range to narrow further
Indian markets lost further momentum last week. In its attempt to
assimilate the full implications of a myriad of domestic policy decision,
political events and global concerns (especially Brexit, Fed hike) the markets
oscillated between hope and fear, before ending the week with some losses.
Continued poor show by PSU banks, though not entirely unexpected,
impacted the sentiments further.
I do not, see much changes in the market circumstances and
behavior this week also. The derivative settlement and some key results may
though cause higher intraday volatility.
In strict technical terms, on weekly charts a close below 7730 may
confirm a bearish H&S pattern on Nifty charts, that could lead Nifty to
fall to 7550-7560 range. On the upside Nifty faces a strong weekly resistance
at 7850 level now and presently lacks momentum to cross it decisively. So most
likely scenario is Nifty moving in 7550-7860 range, with marginal bearish bias.
Nonetheless, if Nifty manages to close above 7830 this week, the bearish bias
will get obliterated.
In case of bank Nifty the range could be even
narrower at 16300-16800.
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