Happy Thursdays! A touchy feely doozer on the Bank Nifty

Is it the May series with a special corner for Shorts on the Indian index or is there another carry home from this battering of the index this week? The battering of the Rupee is incomplete and mainly destroyed by the political risk people carry when they see India. but another reason obviously is that there are about 300 scrips to choose from as one chases quality and the half of them that are the best have already reachedd FII investment limits. But that’s just me. I think the markets are tremendously undervalued right now but everyone is too worried about entering into the Buy mode with so much short interest so early in the series. Yesterday’s definitive turnaround in the commodities and the cracks in the Euro are final though and the Euro should now separatley lose its premium to the Rupee which it gets from being “jined aat the hip” to the Dollar in Rupee tradiing, where sophisticated desks like Stan Chart and maybe HSBC can come in now that their credentials are established in the currency ( SCB ) in the past 4 years. 

Only two months to go for the Olympics and what a medal haul it will be for Indian pugilists and Badminton teams. Archers, Shooters and Hockey should also present good fun. Over 70,000 volunteers in London are making the games happen and I belive 14 or more games are being held in temporary arenas. Let’s see how the games go! 

The Banks and the markets thus have had a direct correlation with trading movements in the Rupee over the last week which cannot last and the Bank nifty a good 9400. I have started nudging it. Ofcourse the market still wants to look for a 4700 restart to the new bull run or whatever it will be this year…

Comments are closed.

Up ↑

%d bloggers like this: