Blog meant for 14 Oct 2016 Friday
Dear friends,
Extremely negative global cues pushed markets lower. Nifty closed 135 points lower below 8600 mark. Similarly, European markets have closed 1% lower and US markets are trading marginally negative as of now. Markets started weak and stayed weak throughout the day and closed at almost lowest point of the day.
Nifty is in Don’t zone. As per 30 days moving average graph, the following are the indications for short term –
Hold – Maruti
Don’t Buy – Axis Bank, HDFC, L&T, M&M, TCS, Titan, HDFC Bank
Buy – Infosys (it is technically showing a Buy indication but can be ignored because Nifty and global cues are extremely weak).
However, it looks like a good opportunity to purchase for long term since many bluechips have fallen to lower prices when compared to few days back.
The quarterly results of companies will be announced in the next few days and hence individual stocks could fluctuate based on specific news.
All the best!
Dr.Bharath Chandra
