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As we have mentioned below, stock markets are just like human beings, who need change else he/she will get bored. Subprime, mortgage, CDO, CDS, Credit crisis, liquidity, bailout so and so….. We all got fed up with all these term. No one wants to listen to them no more coupling-decoupling too.
Economist - A profession in high demand now, it seems everyone including myself is busy predicting economy, but the fact is no one on this world can really predict economy, forget about predicting short term market directions, if anyone can do something then one can predict or anticipate medium to long term market movement, which we are trying to do.
Economists are busy now days trying to find some new terms which will dictate the next market direction. But till then one can be assured that, market will be under relief rally and it will continue to move higher and higher, did you say anything? Yes, Nifty can move up to 3500-3600 level from current 3100 levels.
What’s HBJ Capital’s View for Tuesday?
- Nifty will continue its upward march with positive global clue and further short covering. It is expected to be volatile but will close upside 1-2% or more.
- As per our suggestion on Monday, traders must be holding Nifty future long or Call option. We suggest them to continue holding it because in next few days Nifty expected to touch 3400 level and will start downward journey only from 3500-3600 level.
- On can still open Nifty future long or buy Nifty Call Option of 3300.
Market Update:-
In a highly volatile session Monday, National Stock Exchange's 50-share Nifty ended 1.58 per cent higher at 3122.80 and October futures settled at a premium of 19 points from Friday's discount. Tracking the upbeat cues from the European markets, along with RBI's repo rate cut by 100 basis points, Indian markets extended early gains. However; the indices pared some gains in late trade as players booked profits in long positions.
The global financial situation continues to be uncertain and unsettled. Even as countries directly affected by the turmoil have taken aggressive action to manage the crisis, confidence and calm is yet to be fully restored in the financial markets. Due to financial integration, this uncertainty is transmitting also to countries outside the epicenter of the crisis. India too is experiencing the indirect impact of the global liquidity constraint as reflected by some signs of strain in our credit markets in recent weeks, the Indian central bank said in a statement
Global Update:-
Wall Street bounded higher Monday, extending its streak of volatility as investors took signs of easing in the credit markets as evidence that government steps to revive the battered financial system are taking hold. The Dow Jones industrials rose more than 200 points, and all the major indexes were up more than 1 percent. Investors who had sold furiously in recent weeks in response to immobile credit markets became more optimistic as bank-to-bank lending rates eased further.
The credit markets were gradually responding to the series of bailout measures by governments around the world, including a joint U.S. and European plan to buy stakes in private banks to boost their lending. Demand for Treasury bills, regarded as the safest assets around, lessened somewhat Monday, but remained relatively high in a sign that there was still much fear in the markets.
- HBJ Team
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