- Yesterday was a superb comeback day for the market. On Feb 1st, the budget was considered as the worst budget as none of the expectation was met. In 2 days, everyone seems to have forgotten budget, Corona and nifty recovered almost the entire fall which it had.
- Yesterday I said that we may recover and may cross 12000 in this expiry but nifty almost did it in 1 day.
- Now the Corona fears seem to be slightly low.
- Yesterday there was Trump's state of the union address. These kind of address are common as they are in the election year.
- Tomorrow we have RBI policy. So the further movement in stock market may depend on the outcome of that.
- Economists feel that there could be a rate cut as Corona fears have had a hit on the economy. I personally feel that RBI may not cut.
- FII selling was not huge on the budget day. So that was a major indicator for me that the markets may not fall more.
MY TRADES
- My nifty futures which I had bought is in good profit.
- I bought TCS futures yesterday. Will carry them for some days.
- Will be closing some of the weekly positions today as I do not want to carry them tomorrow for RBI policy.
- Tomorrow my expiry trade volume will also be low as its RBI policy day and anything can happen.
INTERNATIONAL MARKET
- The US markets closed higher yesterday. Nasdaq gained 2% and dow gained around 1.5%. Suddenly auto stocks are gaining in the US markets. Tesla being the flag bearer.
- European markets also closed in the green. The frontline indices gained more than 1.5%
- The Asian markets are also in the green. China, Japan all are recovering. So the Corona may not have a serious impact as the world anticipated.
CRUDE AND $
- Brent is at $54.54. This is a huge positive for us. We may be the major benefit with the crude fall.
- $ is Rs 71.25. Anything above 71 is good for the IT.
FII AND DII
- The FII was not selling from the budget. Yesterday they fought for 366cr and DII bought for 600cr.
- If this continues then we may touch all-time high soon. May be in march or April.
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