- Yesterday was a highly volatile session.
- When the tax on FPI was increased on the budget market fell by 300 points. Yesterday markets fell close to 100 points and closed in the flat territory.
- Nifty closed with -2 points and banknkifty closed with -200 points.
- The bajaj twins bounced back after massive fall day before yesterday. Bajaj finance recovered 5%.
- The earnings season has kicked in. TCS results came yesterday and it was below market expectation. I don't expect much fall from here as it has corrected 10%
- The good part is that the big boy reliance has started to move which is good.
- Autos are performing badly. Stay away from auto stocks as nothing is going their way.
- Will not even think of autos until something extraordinary thing happens.
MY TRADES
- I have sold 11500 straddle august series. Have bought puts to protect on the lower side.
- Covered some of the puts which I had bought before in wonderful profit.
- My portfolio which was bleeding the day before yesterday is now looking somewhat ok. The move in reliance, Baj finance recovered some of the portfolio loss.
- Let's see if there is any trade in TCS. Will sell puts if it falls drastically. Will take delivery if it comes to my strike. I have not decided on the strike. Will decide in today's second half. Depends on the gap up / gap down of today
INTERNATIONAL MARKETS
- The US closes in the mix. Nasdaq gained almost 0.45% and dow closes in mild red.
- Europe closed in mild red except DAX which closed by losing -0.87%
- Today morning, Asia is in the flat territory. SGX suggests that we may open in a flat zone.
FII and DII data
- FII are selling continuously from 6 days. Yesterday they sold for 674cr and DII bought for 710 cr
- FII selling is a concern for the bulls.
CRUDE AND $
- Crude is now inching towards $65 per barrel. This is bad for oil importing countries like India.
- $ is at 68.54.
- $ may continue to fall and IT and pharma will feel the heat.
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