Thought for the day
Nothing wilts faster than laurels that
have been rested upon.
—Percy Bysshe Shelley (English, 1792-1822)
Word for the day
Bumptious (Adj)
Offensively self-assertive, e.g., a bumptious young upstart.
Malice towards none
Mrs. Funny Bone is not funny. Painting all 125cr Indians with the
single brush is not funny at all.
Moreover, I retain my right to judge public personalities
(including politicians, film stars and sportspersons) based on my likings; and
Rajesh Khanna was indeed a below average actor, in my strong view.
Did someone bat for tolerance and freedom of expression a while
ago?
First random thought this morning
In an open admission the prime minister admitted that the anti-social
elements are violating the peace and social harmony; rather brazenly. More
disturbingly, he suggested that these elements are using BJP's agenda to pursue
their nefarious designs.
Two questions: 1. Is this count for the failure of law and order
machinery? 2. Does BJP's agenda need a review.
Nifty:
All clear till next station
Last week Nifty recorded its highest weekly close after 10th April
2015, making a strongly bullish weekly candle.
In fact after many week, Nifty appears set for an easy up move on
all daily, weekly and monthly charts.
It is remarkable that the technical position of Nifty has
strengthens when implied volatility (India VIX) is close its all time lows (no
panic) ; market breadth is marginally negative (little retail frenzy) and
domestic flows are negative for many weeks (consistent profit booking).
Moreover, frequent rotation of sectors leading Nifty higher or supporting it to
stay at higher levels is keeping individual sectoral indices below overbought
zone.
As of today, rate sensitive like banks, real estate and automobile
look set for a decent up move. PSU banks in particular look better placed in
strict technical sense.
Nifty faces marginal resistance in 8680-8710 zone. A strong
resistance will come only above 8864 level. No surprises if we see Nifty
marking a new high in next 6-8 weeks. For now 8437 is a very strong support.
Bank Nifty has no credible resistance on its way to new highs. 18690 on
closing basis is a strong support.
No comments:
Post a Comment