Yesterday’s blazing rally followed in the early morning trade when the NIFTY actually crossed 9000 and went all the way to 9100, which was a good 250 points higher than yesterday’s close.
This morning rally was apparently a trap, set up for the bulls. A decline started from 9150 and then went all the way down to 8700, resulting in an intraday loss of 450 points – a significant sum. After all is said and done, the NIFTY finally closed lower than yesterday, but with margin losses, losing 43 points, down, 0.49%.
This may be a time to buy.
Buying the NIFTY futures or NIFTY calls suggested tomorrow if the NIFTY is above 8700 and does not have a large gap up. Stops for this trade are below 8600. please keep the context for tomorrow morning in mind. If the markets worldwide are weak, even if the NIFTY way to open above 8700 there would be no buying opportunity.
Markets are volatile
Any trade we give today is suggested given today’s context . This may change dramatically by the time the markets open tomorrow. This is the nature of the current volatility around the market.
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•Billionaire Mukesh Ambani-led Reliance Industries Ltd’s net debt will fall even if energy and retail demand struggles for six months and the planned asset sales are delayed, said a research report by Morgan Stanley. RIL can re-prioritise investment, potentially slowing capex by up to a third.
•In a major relief for UltraTech Cement Rajasthan High Court has struck down the tax demand raised by the Goods & Services Tax (GST) department against the company for the unpaid dues of Binani Cements, terming it illegal and arbitrary. The Binani Cements was acquired by the Aditya Birla Group-owned cement company through Corporate Insolvency Resolution Process (CIRP) in 2018 for Rs 7,900 crore. Later, it was renamed as UltraTech Nathdwara Cement.
•Hindustan Unilever on Wednesday said it has collaborated with the United Nations Children’s Fund (UNICEF) for a mass communication campaign to inform and empower the general public against the COVID-19 pandemic.
•Tata Power on Wednesday said it has manufactured and supplied over 1.20 lakh masks to Maharashtra and Jharkhand to contain the spread of coronavirus. The masks have been distributed free of cost under its Dhaaga initiative, Tata Power said in a statement. “As part of our social commitment, the women SHGs associated with Dhaaga.
Source: Economic Times, Moneycontrol ,Business Today, Business Standard, Bloomberg Quint
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