Don’t buy for short term

Blog meant for 15 November 2016 Tuesday

Dear friends,

Huge fall for Nifty on Friday as it closed 229 points. It closed at 8296 mainly due to extremely negative global cues since Asian and European markets.

Today, Asian markets closed with mixed cues. European markets closed in positive territory and the US markets trading marginally lower tonight as of now.

Hopefully markets can recover a bit tomorrow as a recovery to the huge fall. It depends on the Asian market cues. Also, the positive sentiment of the ban on 500 & 1000 currency notes could help in the recovery of the markets along with slightly positive sentiments in the US after Trump was elected as the next President.

Nifty is still in Don’t Buy zone. As per 30 days moving average graph, the following are the indications for short term –

Don’t Buy – Titan, Infosys, TCS, L&T, Maruti, HDFC, M&M, Axis Bank, HDFC

Please note that today 14 Nov was a holiday for Stock Markets on account on Gurunanak Jayanthi.

All the best!

Dr.Bharath Chandra