- There has been tremendous damage done to charts and sentiment this year.
- In panic, everything gets whacked
- Indian economy is less vulnerable to external shocks because it is primarily driven by household consumption and Govt spending ~ S&P rating agency
- Indian Economy = Indian stock market? Indian stock market does not appear immune to Global shocks. Nifty has broken down below 7540
- The panic in Global market = FII selling. FIIs have already net sold Rs. 11800 crores worth of stocks in 2016
- The HOPE: Indian domestic Mutual funds have poured in more than Rs 5000 crore so far in Indian stock market this year.
- 1 USD = 67.75 INR
- Should one worry with USDINR at 68? Absolutely not
- The event that matters to Indian market: RBI monetary policy on February 2, 2016. Will RBI do anything in current Global chaos and before budget
- The trend favors rate cuts. With inflation remaining under RBI's 6 percent target and oil prices falling, the Reserve Bank has no other choice but to cut rates even in 2016
- Bank Nifty is facing different kind of pressure and it seems rate cut is not going to change the trend
- Indian Economy has three trouble spots: Rural distress + Bank NPAs + Weak exports
- Never fight the trend and never predict bottom. This is Bank of India stock chart
- One Bullish theme to keep an eye on: Housing Finance companies. There is visible strength even during panic conditions
- Apollo Hospitals will sell 23.3 percent of its shareholding in Apollo Munich Health Insurance Company to its German partner Munich Re. Is this the reason for strength in the stock?
- Airline companies witnessing structural change in the industry. Jet Airways at important support - will people hold it in panic?
- In Large cap - Reliance is the HOPE stock. The only question: Where is the support - 980 or 940?
- Ashok Leyland has done well to hold 200 dma even during panic.
- Can Cipla hope for some technical support at 570-575 levels? Is there possibility of tradeable bounce back to 750?
- Country's food packaging market is likely to reach USD 18 billion by 2020 from the present USD 12 billion ~ Indian Institute of packaging (IIP) report. Time to focus on packaging companies like Jindal Polyfilms, Time Technoplast, Essel Propack, Ester Ind
- Here's one stock where there has not been even minor correction. The stock is Rajesh Exports
- Persistent at a very solid support of 586. Will it reward Bulls and believers in the stock?
- Lower Gas prices is fundamentally very bullish for Power companies. The stock to keep an eye on: Torrent Power
- Happy Republic Day
- Technical Analysis is nothing more than human emotions plotted on a grid. It gives a true picture of current state of market
For folks who missed my argument on INR depreciation pic.twitter.com/na9ZHwfYf6
— Deepak Singh (@smarket) January 22, 2016
— ET NOW (@ETNOWlive) January 26, 2016
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