Consolidation continues – watchout for short term indications

Blog meant for 4 Aug 2017 Friday

Dear friends,

Profit booking continued for our markets today as Nifty fell by 68 points to close at 10014. Banking stocks fell majorly due to the yesterday’s decision. It was expected by most people that RBI would cut interest rates by 0.5 % but cut it by only 0.25 % and hence the disappointment for the markets.

Global markets are also little weak due to profit booking all over. Most markets are at highs and hence the minor consolidation.

As per technical analysis, Nifty is in Hold zone. The indications for individual stocks for short term are –

THE HOLDS ARE – Maruti, Yes Bank, Reliance, ACC,  SBI, HDFC Bank, TCS, HDFC,  M&M,  Titan, Asian Paint

Wait to Sell – Infosys, L&T

Sell – Axis Bank

Don’t Buy – ITC, LUPIN, DIVISLAB

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All the best!

Dr.Bharath Chandra & Rohan