There is an old saying that "People have Short Memories". After all the gung-ho on Indian economy in 2007, the next two years just saw the opposite before another reversal happened and markets climbed to their all time high. But has the time to book profits have actually come???
Honestly, the answer is "No". No doubt markets have corrected in the last two weeks and why not?? After tremendous rally in the market in September, its time to book some profits and take money out of the table. But that doesn't mean that rally has ended... It is just an intermediary phase. So bulls hang on a bit before you can throw your towel in the ring...
Anyways coming back to the today's market. The markets today opened flat in the morning and then escalated sharply in the afternoon after Tax collection figures appeared. But then in the last hour of the day, the markets again corrected and closed down around 1% down. The volatility has not increased much which indicates that correction may likely to continue for a while.
The provisional figures released by exchanges indicated buying by Foreign Institutional Investors (FII) by around 120 Crores and Domestic Institutions by around 200 Crores. Though Dow Jones has opened in red trading around 1% down on account of China curbs.
China curbs will likely to affect Indian equities in a positive way as Chinese market will now become less attractive for equity investments and hence, will now divert more money into the Indian markets allocated for Asia by Foreign funds.
Tomorrow markets are likely to open in Red. The support zone for Nifty Spot is around 5980-5990 where one may buy Nifty futures with Stop-loss @ 5960 and target price range of 6070. In case Nifty Spot breaches 5960, then we may sell Nifty with Stop-loss @ 6000 and target price range of 5890.
One may also buy Bank Nifty if is trades in 12080-12100 range tomorrow morning with Stop-loss @ 12030 and target price range of 12380.
Wishing you a great trading day tomorrow!!!
Honestly, the answer is "No". No doubt markets have corrected in the last two weeks and why not?? After tremendous rally in the market in September, its time to book some profits and take money out of the table. But that doesn't mean that rally has ended... It is just an intermediary phase. So bulls hang on a bit before you can throw your towel in the ring...
Anyways coming back to the today's market. The markets today opened flat in the morning and then escalated sharply in the afternoon after Tax collection figures appeared. But then in the last hour of the day, the markets again corrected and closed down around 1% down. The volatility has not increased much which indicates that correction may likely to continue for a while.
The provisional figures released by exchanges indicated buying by Foreign Institutional Investors (FII) by around 120 Crores and Domestic Institutions by around 200 Crores. Though Dow Jones has opened in red trading around 1% down on account of China curbs.
China curbs will likely to affect Indian equities in a positive way as Chinese market will now become less attractive for equity investments and hence, will now divert more money into the Indian markets allocated for Asia by Foreign funds.
Tomorrow markets are likely to open in Red. The support zone for Nifty Spot is around 5980-5990 where one may buy Nifty futures with Stop-loss @ 5960 and target price range of 6070. In case Nifty Spot breaches 5960, then we may sell Nifty with Stop-loss @ 6000 and target price range of 5890.
One may also buy Bank Nifty if is trades in 12080-12100 range tomorrow morning with Stop-loss @ 12030 and target price range of 12380.
Wishing you a great trading day tomorrow!!!
