Thought for the day
"When you have seen one ant, one
bird, one tree, you have not seen them all."
E. O. Wilson (American, 1929)
Word for the day
Slyboots (n)
An engagingly sly or mischievous person.
Malice towards none
After an intensive research of two years, I could find one
good thing about Arvind Kejriwal - While all other parties use proxies for
making nonsense, defamatory, unpleasant, and controversial statements, AK does
it all himself.
First random thought this morning
I find controversy over the movie Udta Punjab, totally avoidable.
To the CBFC - expletives are inextricable part of the common
conversation in Punjab; drugs are as common as Lassi; even Amir Khan did pee on
the wall of historic Red Fort in PK.
To the film maker - the film serves no interest (artistic or
public), as it shows a problem everyone concerned is fully aware of, and offers
no worthy solution.
Nifty:
Some jitters ahead of keenly watched events
This week, FOMC meet, and consequent movement in global
currencies, commodities and equities might influence the trading pattern in
Indian equities also. Besides, the Brexit poll scheduled for next shall also
impact the sentiments.
Last week, Nifty failed at its strong immediate resistance level
of 8330 and corrected a bit. The fall in Nifty however lacked any conviction
and was driven more by caution.
With this correction though the short term indicators have turned
little bearish, suggesting that the correction may extend little further, there
is no reflection of any weakness on the medium and long term charts. To the
contrary, this correction is taking some froth out leading to strengthening of
medium term outlook.
My trading strategy under the circumstances would be as follows:
(a) Any fall (sharp or
shallow) in the market is a buying opportunity from medium term perspective.
(b) Nifty continues to face
resistance at 8330 level and has a strong near term support in 7860-7930 range.
Any fall below 7750 level will be an opportunity to create aggressive leveraged
long positions.
(c) On Bank Nifty 18000 is
a strong near term resistance. The near term support exists in 17150-17300
range but meaningful support is only around 16800 level. This suggests that the
correction will essentially be led by banking stocks. I will consider
aggressive leveraged long position in banking stocks around 16300 level.
(d) I continue to maintain August 2019 Nifty target of 13900 and view on cyclical Nifty bottom at 7490 level. Any fall below this is exceptional buying opportunity.
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