Thought for the day
We give advice, but we cannot give the
wisdom to profit by it.
—Francois de La Rochefoucauld (French,
1613-1680)
Word for the day
Overweening (adj)
Exaggerated, Excessive
Malice towards none
The latest Arunachal development reflect best on who:
(a) Supreme Court
(b) Congress
(c) BJP
(d) None of the above
(e) All of the above
First random thought this morning
UP Chief Minister has reportedly offered his sulking Uncle
whatever ministries, departments and power he likes. This demonstrate that the
most populace state in the country has been reduced to a feudal fiefdom of a
family, in a total mockery of democratic process and subversion of
constitutional proprietary. Surprising the civil society, especially those who
shout their throats hoarse on prime time TV shows every evening, are totally
apathetic!
Nifty:
Down but not out
Despite a sharp gap down opening on Monday, most benchmark indices
held well and recovered almost half their losses. Nifty closed the last week
with a wow loss of close to 1%. The initial surge in VIX also moderated
materially in later part of the week.
The level of institutional activity was poor and volumes were
below average. Market breadth does not indicate any panic or moderation in
greed of the investors.
Technically, on weekly charts, NIFTY ended the week on the lower
edge of the rising and contracting channel that started from end of February
2016. The channel continues to narrow further. However, any breakout (or break
down) still appears some time away.
On weekly closing basis, now 8710 appears to be a strong support,
however on daily basis 8606-8630 is a strong support zone. A close above 8867
this week shall neutralize the effect of last week's correction and the uptrend
shall resume.
Bank Nifty appears to be losing momentum. Watch closely for a weekly close
outside 19560-20340 range to decide the next course of action. Near term banks
are avoidable for trading.
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