India Morning Report: Tentative market ready to reward India’s uniqueness to new 6150 channels

English: Hero Honda Karizma R

English: Hero Honda Karizma R (Photo credit: Wikipedia)

It is already stripped of all technical jargon and robust or otherwise complex mathematical approximates of financial Markets. It means the Indian markets would likely not go ( barely go ) below 6000 in the coming days even as bearishness engulfs sentiment because at its worst India would still be worth 4% growth, now a bottom subscribed by long term Economists for big bad China who has been dragging everyone down. Given that many were already invested in the big China story, China however will continue to see outflows and India will continue to see small but measurable inflows in the coming months before anyone gives serious thought to a turnaround.

Banking hawks and traders watch out because despite breaching some phantom 10000 levels used by the market, Banks hadly have any reason or substitute to lose more value esp the shorts on ICICI to 930 or on Banknifty to 10200 seem out of sentiment for the movement from here till 6100. The trigger being assumed is that of disharmonius traders not getting a return for being in India since May. But then the Rupee move is yet under cooked as Gold has joined the oil price rally and the dollar seems to have started a big upward climb at the start of the week, after recording against the Aussie at 92 cents, Kiwi dollar at 79 cents and the Yen losing its desired undervaluation at 99.95

HDFC Bank results for example will see, despite the reduction of float, interest returning after punters realise the limitations of a midget trade in the banking sector with Indusind which as of now does not qualify in Mid cap sectors much. But then Axis bank’s result punt has to unwind and that gets quite complex in selection of stocks supporting the downslide within banks and the now nefariously wide distribution of non banks used a s substitute even as Hind Unilever gets ready to bow out of the markets

Also, i agree reliance hardly had anything to redeem itself in superior Q1 results on the weekend and Capital goods and energy, rising in an uncertain market would act as some of the substitutes without much recourse to fundamentals in their sectors,t the technical eigenvalues avoiding banks as long as positive push does not meet extra ordinary resistance in the BhEL, L&T and the ONGCs Bajaj Aut continues to beat Hero Honda and a pair trade is increasingly safe still Hero Honda the sold vector in the pair

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10 thoughts on “India Morning Report: Tentative market ready to reward India’s uniqueness to new 6150 channels

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