Thought for the day
"Anything that
consoles is fake."
—Iris Murdoch (Irish, 1919-1999)
Word for the day
Puissant (adj)
Powerful; mighty; potent.
Malice towards none
A spate of mindless terrorist attacks on civilian around the world
implies that the war on terrorism is near completion.
With their back to the wall, these extremists are indulging in the
desperate acts of violence.
The key now is now to lose the focus and not open any window for
them to escape.
First random thought this morning
Last week the former RBI governor D. Subbarao made some
revelations about the RBi- Government relationship. Apparently, the revelations
did not startled anyone. Perhaps everyone knows by experience or instinctively,
what the former governor is trying to reveal
So not much ruckus from any quarter.
I guess the incumbent governor's memoire would also be treated with
similar disdain whenever he decides to write.
Nifty:
Preparing for an early Diwali
I have been maintaining that Nifty is most likely to breach it's
all time high closing level (8996 recorded on 03 March 2015) around Diwali this
year. Well, the probability of this happening is the higher now, than ever
before.
In fact, there is a fair chance that Diwali may actually come
early this year, insofar as the Indian equity market is concerned.
Though ~3% rally of last week has again created a overbought
condition on the near term charts; the monthly and quarterly charts show little
sign of fatigue.
Any correction in the near term therefore would be an opportunity
to stock up Indian equities.
This week, Nifty faces a strong resistance at 8630 level and has
good support in 8308-8323 range. Any fall below 8215 would be an opportunity to
create aggressive leveraged positions.
For Bank Nifty, good support is present in 18300-18460 range. For
creating aggressive leveraged position waiting for 17600 is advisable.
Short positions should preferably be avoided. In any case, all short positions should be held with a strict stop loss of 8716 spot Nifty.
Short positions should preferably be avoided. In any case, all short positions should be held with a strict stop loss of 8716 spot Nifty.
No comments:
Post a Comment