Positive close but still Don’t buy indication

Blog meant for 8 Nov 2016 Tuesday

Dear friends,

Finally a positive close for our markets after almost a week of closing down. Nifty rose by 63 points to close just below the 8500 mark. The positive global cues helped pushed our markets higher.

All eyes will be on US Elections scheduled for tomorrow. It will be late at night in India when US voters will vote. The Elections seem to be quite close as per the opinion polls. Let us see what happens. We may know by Wednesday about who will win and how markets react to the news.

Also, as Government clarifies more about the GST, certain companies will be perceive to benefit and certain others may fall due to the negative impact on their business.

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

Hold  – Maruti, M&M 

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

Hold – M&M 

Sell – HDFC

We have to wait patiently for markets to gain some momentum and then we may get some indications for Buy for short term.

All the best!

Dr.Bharath Chandra

About the author

Dr. Bharath Chandra

Hi there! This is Dr. Bharath Chandra & Rohan, International Trainers & Success Coaches. We have addressed more than a crore people on Stock Market, Personality Development, Wealth Management and Financial Planning over the past 35 years.

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