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Showing posts from January, 2020
Yesterday US markets ended mixed. Asian markets are also mixed. SGX Nifty trades slightly lower. Yesterday Bank Nifty under performed due to higher CPI inflation. IndusInd Bank shot up due to good result and then fell drastically as NPA increased. HDFC Bank supported the Bank Nifty. Otherwise fall would have been much more. Today  US and China signing agreement. Nifty also hit all time high yesterday. Reliance, Kotak Bank, ICICI Bank, SBI all down, yet Nifty was up. The broader market is doing well. Yesterday both FIIs and DIIs were net sellers in Cash market. Good results of these companies can take Nifty to 12500. Markets may consolidate until then. Nifty future may trade between 12300 and 12420.
US markets opened lower but closed higher. US-China Trade tension or US-Iran issue, US markets correction is very shallow. It is is a firm up trend. Asian markets are positive. Our market reacted too much for the news. Nifty fell more than 250 points and Bank Nifty fell more than 800 points. Now SGX Nifty trading about 80 points higher. There may be some panic squre off  today  morning due to huge gap up. Nifty 80 points gap up and Bank Nifty 200 points gap up is expected. The main resons for such a big fall: (i) We buy crude mainly from Iran and (ii) Fall was mainly due to absence of buying and shorting rather than long unwinding. The real action will begin next week when corporate results starts coming in. But PSU Banks are looking so weak. Nifty future may trade between 12080 and 12200.