- It is not where market opens that counts - but where the market closes that matters.
- This is what Nifty did today during the trading day - disappointing day for bulls
- The resistance at 7540-7600 stays
- Even super Strong Global cues failed to break 7540-7600 resistance. Lots of people today asked: Bhaiya ye deewar toottee kyu nahin
- Was this the reason Ambuja Cement stock rallied like crazy 🙂 The stock was up 6%
- Cement sector after a long time made a big move. Most of the stocks exhibited bullish energy
- Liquidity: DIIs continue to sell.
- It’s not the earnings that drive the stock prices, but the expectations that drive stock prices. When will earnings pick up?
- Most of the Large stocks ended the day with no major gains
- Hero Motors continue to consolidate after breaking out to new 52 week high. It's a bullish sign
- 1 USD = 66.49 INR. This is very sharp appreciation.
- Technically - Tech Mahindra has rallied a lot from support zone. The stock is at 486 now. I did cover it in a blog titled- Can Tech Mahindra make a grand comeback
- One sector that has consistently exhibited strength - Midcap IT. The stock to watch: Persistent Ind
- One Momentum stock has done quiet well in last one week: Vadilal Ind. I did mention about it in Monday's notes. Point 20. The stock was at 533 on Monday. Today it closed at 636.
- Oil Marketing companies saw some serious buying but most of the charts do not look good
- One sector where there is extreme confusion: Pharma. FDA inspections have just made the sector very volatile and stocks very difficult to trade
- Stock watch: Gokaldas Exports
- Astra Microwave is building base at 102-104 levels. It is right at the support
- Jamna Auto is doing everything right to maintain breakout. The stock has solid support around 120-125 zone
- Two stocks that made interesting move today: Karnataka Bank, Federal Bank. Technically - very unexciting
- Text Book Style Break down: Pfizer. It first broke down below previous support - pulled back to test that support as resistance and then collapsed
- THE BIG PICTURE: Feb 2016 = Rural Budget? really - The combined allocation to the Ministry of Rural Development and Ministry of Agriculture in FY17 remains unchanged as a share of GDP vs FY16, at 0.8% of GDP (1.5% of GDP in FY09) ~ Ambit
- Focus on what market is doing and not what it should be doing.
- The tweet of the day.
- Do you want to learn Technical Analysis? - Science of Stock price action
— ET NOW (@ETNOWlive) March 17, 2016
Trading is a delicate balance between conviction and humility - knowing when to have which is the skill of a master.
— Mark Minervini (@markminervini) March 17, 2016
ChartSource: Chartalert.com [Indian Stocks]
Read Old Market Observations::
March 16: The Resistance intact, DIIs continue to Sell but action is Bullish
March 15: Bulls retreat after failing to take out 7540-7600 resistance
March 14: The Struggle with Resistance continues
March 10: Market encounters its first significant roadblock
March 09: Reading of Indian Market
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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