Blog meant for 19 Oct 2016 Wednesday
Dear friends,
Fantastic rally for our markets which resulted in Nifty rising by 158 points to close slightly below the 8700 mark. Most people are of the opinion that this was a relief rally after many days of negative closes. The global cues are quite mixed and we have to see whether our markets can continue to rise or will it stay quiet.
After the huge rally, Nifty is in Wait to Buy zone. As per 30 days moving average graph, the following are the indications for short term –
Hold – Maruti
Don’t Buy – Axis Bank, HDFC, M&M, Titan, HDFC Bank
Wait to Buy – Infosys
Just Buy – TCS
Buy – L&T
Since the overall markets and Nifty are still in don’t buy zone, the Buy or Just Buy indications can observed for one more day before taking action. However, if you have the risk appetite and are ready to take some additional rise, they can be bought now based on the graph indications.
Hope long term investors picked up bluechips when it had fallen in the last few days. Such falls are good opportunities to buy bluechips for long term to accumulate more shares.
All the best!
Dr.Bharath Chandra
