Markets are weak and for now, don't think of entering into investments. Cheap can get cheaper. $ is almost at 79rs and crude almost $120. The cues for taking the market higher are very low. The small bounces which you see may lure you to enter. Most of the time that is a trap.
Yesterday Powell was still hackish in his comments. So this means that there is a high chance that the interest rates will be hiked again in the next FOMC meet.
Yesterday it was Reliance that took the markets higher as the markets cheered Mukesh Ambani giving the baton to the next generation. Akash Ambani will manage jio. His daughter will manage retail and Mukesh Ambani will be managing jio platforms. If not for Reliance, markets would have fallen more yesterday.
Today is the monthly expiry and there will be a lot of volatility. For today 15900 and 15700 is the range. Markets can be lower if 15700 is taken out.
There is a high drama going in Maharashtra. Uddav thakray has resigned as they have floor test today. So it looks like the current govt will be dissolved and something new might emerge. Will BJP take advantage of this? BJP-led govt will be beneficial for the stock market and you can expect some rally upside. But the global cues will be more dominant than this news. But it will be icing on the cake.
Byju has fired 2500 employees. This is crazy. When there was easy money, they hired by giving everything the employees asked and now the startups are firing at the same rate. If this continues, people will think twice before joining startups as there is no stability.
Many analysts feel that we are close to the bottom and this is the time to invest. I would wait for FII. This month they have sold for 55kcr.
Some countries like China and India are taking advantage of the Russian war. China is buying coal and India is buying oil for a huge discount from Russia.
MY TRADES
- Looks like this month will be a bad month for me where I will be closing in a minor red for the month. But that's OK as I am closing the green for more than 6-7 months now. That winning streak has been broken. The loss is less than 2-3% of my capital.
- I had sold 270PE of vedanta. Now it is ITM and I will have to take delivery. I had sold a huge quantity of 270CE when it became ITM and my buy rate will now be close to 250. I have sold 270CE for next month as well.
- This is the only stock that went to ITM. The rest of the PE which I sold will be expiring today.
- For next month I will be selling again. Markets have been volatile for the last 2 months, so I believe that there will be some stability next month.
- US was flat
- Europe was in the red.
- Today the Asian markets are in the red. SGX is suggesting a flat start.
- For this month FII have sold for 56kcr and DII bought for only 45kcr
- Yesterday after many days the selling is in 3 digit. They sold for 851cr and DII bought for 847cr
- $ is at Rs 78.88
- Crude is at $115
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