Blog meant for 10 Aug 2017 Thursday
Dear friends,
Profit booking continued today for the markets. Nifty fell by 71 points and close just above the 9900 mark at 9908. Global cues are also negative as European and US markets are both in negative territory. This fall however has been expected since many days because our markets had rallied well in the last few months.
Hope long term investors make use of lower prices to purchase bluechips. As mentioned last week, we have excluded certain companies such as Axis Bank, Lupin etc in the list for short term tracking since the financial results and fundamentals are currently under pressure. Hence, until they perform better in their business and report better results, we will not track them and suggest them for short term
As per technical analysis, Nifty is in Wait to Sell zone. The indications for individual stocks for short term are –
THE HOLDS ARE – Reliance, ACC, SBI, HDFC Bank, TCS, HDFC, Titan, Asian Paint
Wait to Sell – Maruti, Yes Bank, M&M
Sell – L&T
Wait to Buy – Infosys
Don’t Buy – ITC
Let us see if this is a start of a major correction or whether markets temporarily consolidated before further rise to touch new highs.
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Whenever you want any clarification or have any question to ask, always mail us by quoting your registration or life membership number given during the Stock Market Workshop. If the Registration number has not been quoted, the mail will be overlooked since we will not be able to clearly explain unless a person has attended our Stock Market Workshop.
All the best!
Dr.Bharath Chandra & Rohan