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Dear friends,
As expected all major global markets were nervous due to the results of the US Presidential Elections and hence Nifty closed 112 points down. European and US markets are also trading lower.
Nifty is still in Don’t Buy zone. As per 30 days moving average graph, the following are the indications for short term –
Wait to Sell – Maruti
Don’t Buy – Axis Bank, Titan, Infosys, TCS, HDFC Bank, L&T
Hold – HDFC (although overall markets are in don’t buy zone, technically HDFC is showing Hold indication. However, Buy/Hold indication can be ignored until market fall stabilises a bit)
Buy – M&M (due to very good results, it went up today. However, due to overall weakness, the Buy indication can be ignored)
We will see some more anxious days for markets until Nov 8 when the Presidential Election voting will take place in the US. Lets hope that markets do not get a big jolt due to that.
All the best!
Dr.Bharath Chandra
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