As expected, markets showed weakness in the first part of the week. Thanks to the new tax code which suddenly forced the FIIs to cover their shorts and can be observed in nifty and some stock futures. Still in china and US were trading below their crucial resistance zones were a real worrying factor.
Right now we are having the positives from the US, big jump in IIP, new tax code and improving monsoon etc., whereas the negatives are FIIs are selling, low liquidity due to two big IPOs.
We are getting some positive news from the monsoon side which forces the bears to cover their shorts. So, because of the global cues we are going to have the gap down but will bounce back later on.
This week’s trading call:
Buy NTPC around the 203-205/- : Be and Make
Go long NTPC around the 203-205/- targeting the
T1:211/-
T2:218/-
T3:222/- keeping the 198/- as stop loss.
With thanks
Be and make
1 comment:
Great market news.
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