- In Bull market - the benefit of doubt goes to bulls. Well that pretty much explains the rally yesterday.
- Globally, Bears are sick and tired. Most of them have run out of reason. Here's one excellent cartoon depicting that
- This is how Nifty looks on daily chart
- The big victory for bulls came when Nifty crossed over 8309 - short term hurdle it was facing over last few days
- Not a strong buy day figure: FIIs net bought stocks worth Rs 60.53 Cr In Equities on May 04 as per provisional figure. DIIs Net bought Rs 146.8 Cr of equities as per provisional figure
- Trade the market for what it is and NOT what you want to see
- All the market action on May 04 centered around Pharma, Auto and Oil-Gas sector. Pharma was strong
- Ashok Leyland posts strong jump in sales - April Auto Sales Ashok Leyland: Total Sales +43% At 8,435 Units Vs 5,897 Units (YoY). It justifies the rally stock has seen over last few months
- M&M bounces 5% from support. I mentioned about the support line on M&M weekly Chart in yesterday's notes. Read point # 15
- Tata Motors stock is still searching for direction
- Shriram Transport Finance broke out above 830 - had a good run to 1200 but stock now have given up all the gains with very bearish sentiment. It will take time for stock to make a sustainable comeback
- ONGC can now be direct Crude play as Govt for first time in clear words has said that companies like ONGC will not have to share subsidy burden. This is very positive news for ONGC
- Govt has done serious reforms in Oil and Gas sector and one cannot rule out genuine bull market in all these stocks like HPCL, BPCL and ONGC
- Sugar Industry: Only politics, no reforms. Impact of huge increase in MSP over last 5 years: Sugar production in India will climb to 27 million tons in the year that began Oct. 1, the highest since 2006-07, according to the sugar industry association.
- Well, is India's record production contributing to decline in Global sugar prices. The chart is there for everyone to see.
- Sugar Industry in deep mess. Here's one sugar stock chart: Bajaj Hindustan
- 1 USD = 63.6 INR. Will INR depreciate beyond 63.92? This is the most important chart to keep an eye on
- How will frontline Tech stocks perform if INR depreciates. HCL Tech has already bounced pretty smartly from 200 dma
- This is what makes Warren Buffet great. He admits his mistakes so openly. Here's what he said on QE and interest rates - ‘So far, I have been wrong on interest rates. It is so hard for me to believe that you can drop money from a helicopter and not have inflation, but we haven’t.
- Consensus View now: stocks will continue to do well as long as rates remain low, but bonds are dangerous as rates remain low
- Should emerging market worry about rate hike by US Fed? Well - very interesting tweet
- There are many people suddenly very bearish on dollar. Well, not long ago - this is the bullish article on dollar everyone was talking about.
- The market is the sum total of the wisdom ... and the ignorance...of all of those who deal in it; and we dare not argue with the market's wisdom
- Read more stock specific observations at smarketpremium.com.
- Read Yesterday market observations here. Please share your comments below
ChartSource: Chartalert.com [Indian Stocks]
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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