Ofcourse the bear trap here means bears trapped by the vacillating indices in the January series with only those able to substitute sitching out of bearish call s sold and most now ready to be caught at 6150 – 6200. But the bulls as they may be are hardly interested in buying anything more so its still not a trap till 6200 sees more OI from sold calls. (Prime position would be 6150 or weightaed average 6125)
And that is why we are not using the c -word ‘consolidation’ any more for this market. Most players are issuing bull calls, none of the brokerages are covering their positions in these buys but yet there is no fresh buying, go sell calls. But yes remember this series is definitely going to cap the new nifty series high and remain bullish.
GAAR deferment caused quite a hearty jump in the indices yesterday so the scripts are the same. i am still not going to condone DLF and the markets will not agree that DLF should be left behind. No one believes Citi when they start pushing sell reports on India or any other ex Citibankers out there in Singapore and other Indiabulld estinationss. This time around the Citi franchise outside the US starts getting burnt till probably BofA feels vindicated for having sold all their non US assets under Treasury pressure. The US dollar bottom however has not been found yet and won (KRW) is taking away most of the fun for Exporting economies right now. The Yuan recovery blindsides others fromt he Dollar trade except for the GBP which starts coming out for a re-education move up with a small pint of the liquid enough to raise it. Both US and UK also realise this week that it is Okay they might grow better than 2012 in 2013 and then even better in 2014. I hope it is this week, because the currency markets do not like to wait unlike Equities and bonds with high but ‘stable’ volatility
IT is back in portfolios wwiht a venegeance and that means DIIs cover up for never having bought into this rally a s most stayed with India’s real annuity sector , i.e. IT and BPO services worth $72 bln and rising