Markets have decided to inch upwards is a clear prognosis and as of now even the new resurgent Dollar’s trade on the rupee to 53.52 seems barely able to survive new shorts and likely fresh shorts in Rupee are warranted now or after 1 more 1.5 more upticks before 54 levels depending on the resurgence of the post expiry buying that ensures the trade remains up than a month long correction to enable fresh institutional buying at local MFs and LICs
However banks seem to be quite decisive having dived 60 points to 11350 on the Banknifty and fresh buying in HDFCBANK and IcICIBANK is out by a week so more uptick will be in Axisbank led revivl stories of Canara Syndicate and the ilk like Union Bank and CBI which unfortunately is not really looking likely even now leaving Axis Bank a lone horse again to repair the points damage and ride in the first week to come Ye s at 375 and ICICI bank at 1065 may not see fresh buying now but like ITC corrections are unlikely to be deep even if you accumulate in the same levels before the upswing resumes.
As mentioned earlier however the rest of 2012 is unlikely to see hard data backing a recovery and is only more policy speak peppered with off market and on market deals with Etihad, USL, Ikea and Walmart among others.
- India Morning Reprt: The markets take fresh positive strides (awardz.wordpress.com)
- India Morning Report July 26, 2012: Expiry, here thy cometh! (awardz.wordpress.com)
- Morning Trading Strategies – India July 23, 2012 (awardz.wordpress.com)
- Pre Closing Trading Strategies September 03-08, 2012 (awardz.wordpress.com)
- Morning Trading Strategies – India September 17-21, 2012 (awardz.wordpress.com)