Blog meant for 25 Oct 2016 Tuesday
Dear friends,
Today was a quiet day for our markets. Nifty rose by only 16 points and closed above the 8700 mark. The global cues are mainly positive tonight. Hopefully Asian markets open in the green tomorrow so that our markets can get the positive momentum too.
However, one major news is that Cyrus Mistry who was the Chairman of the Tata Group has been removed from his position. Hence, tomorrow there is a chance of many Tata company shares falling as a reaction the news. This could result in the markets being little weak.
Nifty is still in Wait to Buy zone. As per 30 days moving average graph, the following are the indications for short term –
Hold – Maruti, L&T, TCS
Don’t Buy – Axis Bank, HDFC, M&M, Titan, HDFC Bank, Infosys
Although the Nifty is in Wait to Buy zone, many individual stocks are still in Don’t Buy zone. May be a few days of positive news could pull up markets and create a Buy indication.
Hope long term investors are taking advantage of this opportunity of low prices to buy bluechips at lower prices currently prevailing.
All the best!
Dr.Bharath Chandra
