- This is how Nifty looks on daily chart as of today
- Is this a buying opportunity? Well - can you think with clarity when confronted with a situation like this
- In last two days: Nifty has created a small resistance around 8309 for short term traders to play with
- Bulls should send thank you note to Bank Nifty for doing all the hard work in last few days
- FIIs Net Sell Rs 718.31 Cr In Equities Today (Prov). DIIs doing their bit - DIIs Net bought Rs 912.46 Cr of equities today as per provisional figure
- FIIs not buying and that's not a great sign with F&O expiry tomorrow - one should be ready for anything?
- If this is Bull market which it appears so - HDFC is a buy on dips stock near 200 dma i.e. 1150-1200 zone.
- Market does not appear excited with Telecom stocks post earnings.
- Changes in Nifty: Bosch to be included in Nifty whereas IDFC will move out effective May 29 2015.
- IDFC has big resistance around 184. As long as it trades below it - the stock will remain sideways
- The trend matters. Just see how Reliance has succumbed post rally to its resistance. The resistance I discussed in one of the notes
- Why technical strength and trend matters? Despite huge run up: Just see how Yes Bank has tackled market correction - no declines. This is weekly chart
- Once trend breaks and chart gets damaged, then even strong stocks suffer badly. ITC a strong stock for many many years - now struggling to find buyers.
- The charts are like x-rays that shows the internal health of the market and it is important to pay close attention to them
- 1 USD = 63.36 INR. The resistance stands at 63.91
- Frontline IT stocks are trading near supports. Can they bounce and deliver support to the market.
- Is Tata Steel really turning around? Amazing strength despite market decline. Having said - 8/10 turnarounds like this fail.
- Despite uncertainty around 200 dma: Small caps and mid cap stocks demonstrated positive strength. Can they outperform? (Today, the BSE Small-Cap index rose 1.1%)
- Read more stock specific observations at smarketpremium.com.
- Read Yesterday market observations here. Please share your comments below
- US came out with disappointing GDP data and it has crushed the dollar. The dollar index which used to trade near 100 now trading near 94. This is how Euro rallied
- There is Pakistan ETF now: Global X Pakistan (PAK). Pakistan has a population larger than Russia’s, its economy is pretty small, about the size of Ireland’s, and its stock market—capitalized at $46 billion.
- "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder
- Tweet of the day
- Life Philosophy: "We are born crying, live complaining, and die disappointed —Thomas Fuller
ChartSource: Chartalert.com [Indian Stocks]
Please share your comments on what you think of market observations, market and trading in general
Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers