They almost scared me off the Rupee trade on the Dollar at 56.47, but I hung in there though it is fresh positions and it looks like it may pan out nicely. Options in the USDINR market notorious for one sided two way quoteds that coul dreally eat you up but there is no sign anyay that the Strong Rupee trade could get tht much traction yet anyway
No trade is also a good trade if you are bought in. Nifty 5170 is holding and thats what IO am watching all positions strictly intra day. Exit any leverage d positions you might have considered early, as it can create a new bottom insteaad of this one if you do not. also double check your brokers’ RMS actions, I am not even sure they have the algo for MTM on daily basis correctly esp on the day trade opens in CDS as they MTM on intra day prices and start the next day with settlement prices, not able to reconcile the two for the last two months( Its Omnesys software and many brokerages use it) No indices dropping to 5160 and Rupee trying to use 56.38 in Aug Futures as a bottom.
Buy the infra and the bank stories all over again. Glenmark and Orchid should see robust buying unless there is operational info out there apart from the export and FDA green signals these two have been running regularly
Stable growth pronouncements again coincide with taming religious insurrection in China;’s Xinjiang province, so Big Brother is likely to win a few bouts from here and the run off to Dollars should have weakened by now as 6 months of the Year of the Dragon are already past. Indian power trades are looing bright for more bull resurrection if these Niufty levels hold