Our indices traded in a narrow range yesteray entire day, and closed almost flat at the end of the session inspite of weakness in asian & european markets. The low volumes represent lack of participation by retail and HNIs and the supply at 100DSMA levels confirms the bear grip on the markets.
US markets have opened negative and had registered 3rd largest fall in the last 3 months, Singapore nifty idex futures opened 240 points down, indicate a weak to negative opening for our markets too. In case our markets take support at 5DSMA Nifty(5313.94) & Sensex(18292.85) and bounce from there, that is the time to go long on for intra day trading, if one is a professional trader. Risk averse investors should stay away from markets till stability returns to the markets, which can happen after some more weeks.
2 comments:
Hi uncle,
I am Mallikarjun, a friend of Vinay. I would like to know the reason behind prices hike in fertilisers, though all other sectors are not doing well.
May be this is not the right comment for this topic, but would like to know the reasons.
Thanks,
Mallikarjun.
Dear Mallikarjun,
Fertilizer stocks move on expectation of some sops from the ensuing budget from the govt, which is the usual feature in pre-budget period.
Mostly retail investors who purchased them before the crash also would be averaging at lower levels, as the frontline stocks are having selling pressure due to weak global cues.
vrkrao
Post a Comment