Thought for the day
"We have nowhere else to go... this
is all we have."
—Margaret Mead (American, 1901-1978)
Word for the day
Corybantic (adj)
Frenzied; agitated; unrestrained.
Malice towards none
Was including river water in List II (State List) under Article
246 of the Constitution a big mistake?
First random thought
this morning
For the first time I travelled to Mumbai from Delhi was in 1992.
Civil aviation sector was just opened to the private competition. The price I
paid was Rs3493 one way. The one week advance fare on the same sector today is less
than Rs2500. Air India is competing with Indian Rail!
Inflation has certainly missed few corners of the economy.
Nifty: Choppy season ahead
Despite a nervous end to the last week, Nifty managed to record
its third highest weekly close and second highest weekly average traded value,
ever.
ECB staying put and increasing chances of Fed acting to hike rates
by 25bps at next week FOMC, should be a good news in a normal market as it
signifies normalizing economic conditions. However, considering that global bond
markets have been unusually complacent and aggressively leveraged - the rush to
take shelter could end up in stampede (not a base case).
The mood in Indian equity markets this morning is certainly
somber. Motivated by persistently lower implied volatility, traders running
higher than usual positions are naturally jittery. The off loading that
commenced on Friday, might continue this week.
In strict technical sense, benchmark indices are not showing any
signs of collapse as yet. Any correction therefore is an opportunity to buy.
Regardless, technically speaking, Nifty is poised to move past
9000 mark sometime in next 7 weeks. Only meaning full resistance now exists
around 8990 level. A strong support has developed in 8606-8630 range.
On bank Nifty, a good support has developed in 19340-19400 range. However, the strong support remains at 18600 level.
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