USD/INR: Irrespective of what the RBI has done, their move is for sure to backfire although not immediately. USD should find a bottom in the range of 58.45-58.80( +/- 20-30 paisa). USD's bull run is far from over.
Equity markets: With the developed markets nearing a medium term top, the scenario around the globe is not looking too cheerful. Nifty failing to take out its life time high after multiple attempts is in itself an extremely negative case to have a closer look at. Although one might call me a persistent bear, I have no reason in front of me to make me feel bullish. I will be the first one to turn into a bull when Mr. Market warrants me to turn into one, which is quite far away at the moment. Bull markets are always a good investor's market, wherein broader market participates in the rally. We are quite far away from it.
Will post more on my Nifty update which will come up this weekend!
Equity markets: With the developed markets nearing a medium term top, the scenario around the globe is not looking too cheerful. Nifty failing to take out its life time high after multiple attempts is in itself an extremely negative case to have a closer look at. Although one might call me a persistent bear, I have no reason in front of me to make me feel bullish. I will be the first one to turn into a bull when Mr. Market warrants me to turn into one, which is quite far away at the moment. Bull markets are always a good investor's market, wherein broader market participates in the rally. We are quite far away from it.
Will post more on my Nifty update which will come up this weekend!
Nifty Update: The week gone by was a choppy one with alot of whipsawing seen between bulls and bears. Having taken out 5904, we had seen a test of the first 2 resistance levels mentioned in one of my earlier posts giving us good scalping gains. Having come close to the crucial resistance of 6085, Nifty has faced selling pressure and retraced to end the week at 6030. If one gets to see a test of 6080-6100 level next week, then it should be used as an excellent shorting opportunity. In any case , once this relief rally plays out 5900 should come through pretty quickly followed by sharper cuts. This relief rally playing out is seen as the last opportunity for the bulls to wind up their positions for a rough ride ahead. As I've always maintained - 6336 will negate the overall bearish stance. Will post a follow up update once the anticipated move starts playing out.
USD/INR: Unsure if the recent low of 59.04 is the near term bottom. Breach below this should see 58-58.30 followed by the resumption of the bull run targeting 62 and eventually 65 in an illiquid market creating greater problems for RBI.
SP500: Unrelenting bull run seen in the US markets should be seeing a medium term top in the next few weeks, if its not already in place. I would be keenly watching out for 1720 level( +/- 1-1.5%). 20-25 % correction will be witnessed once the top is in place. Fresh bull market highs are on the cards once this correction is done with. The strength seen in US market has been truly remarkable to say the least.
All the best to your trading !
USD/INR: Unsure if the recent low of 59.04 is the near term bottom. Breach below this should see 58-58.30 followed by the resumption of the bull run targeting 62 and eventually 65 in an illiquid market creating greater problems for RBI.
SP500: Unrelenting bull run seen in the US markets should be seeing a medium term top in the next few weeks, if its not already in place. I would be keenly watching out for 1720 level( +/- 1-1.5%). 20-25 % correction will be witnessed once the top is in place. Fresh bull market highs are on the cards once this correction is done with. The strength seen in US market has been truly remarkable to say the least.
All the best to your trading !
Nifty is en-route to 5780 where if it all it should find some short term support. Charts seems to have skewed towards supporting the bears at the moment. 5500 is the level to watch for. This time if Nifty decisively breaches this Major support zone, flood gates will open up for the bears to ride home with joy! All the best to your trading!
Nifty update: (5715)- If nifty holds 5670, powerful short covering rally is on the cards. However, the upside looks quite limited at the moment- 5830-5850. Will re-assess the technicals once the anticipated move plays out. Stocks that can benefit from the move- DLF, REC, BHEL,BOB.....
All the best to your trading!
All the best to your trading!
Market round up: Although plenty of market commentators on the street advise buying equities since they see value in the heavily beaten down scrips, strong caution needs to be advised. The pain for the equity market has just begun and there is plenty of blood still left to be shed. At the moment it looks like the end game has just begun. Although, intermittent bounce backs are possible from oversold levels, smart money will use every opportunity to build massive short positions. Medium term target for nifty is 5010-5030 and strong possibility of testing 4000 and sub 4000 levels within a years time. There is plenty of pain left for the midcap and banking index. Pain for the large cap will only be left for the last stage of the disaster. As the market starts unfolding its moves, updates will be made as frequently as possible here. Have a jolly ride with the market and have an hawk's eye on the screen.
Happy weekend and have a fabulous trading week ahead!
Week beginning Sept 16th looks like an interesting turning point for the market. Mark this on your calendars
PraDa
Happy weekend and have a fabulous trading week ahead!
Week beginning Sept 16th looks like an interesting turning point for the market. Mark this on your calendars
PraDa
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