Trade setup for 29th August



 It looks like today will be a black Monday. So it seems that Powell pulled the trigger at the Jackson hole and now markets are finding that as the reason for the fall.

Powell told that they would increase the rates in the future and fighting inflation will not be an easy task.

This was enough for the US markets to collapse. On Friday, the US markets(Dow) fell close to 1000+ points. Today the US futures is down by more than 300 points. SGX is suggesting a gap down of more than 300 points.

Now all eyes are on the RIL AGM where there is a lot of expectation from the group. They may unveil a 5g phone. Will RIL be able to provide some support to the falling market? Every time, its RIL which has supported when there was a negative sentiment in the market.

Yesterday, India won against Pak in a nail-biting finish by Pandya.

The cryptos are in pressure. Bitcoin is below $20k again. But ether has not fallen so badly. 

Many hedge funds in the US are having more short positions than long. Even here, the FII buy positions are not very aggressive and not strong enough to push markets higher.

Prima facie, it looks like there is more pain for the markets. It all depends on how the tech reacts in the US and how the US markets react. Our local news may not favor the market.

MY TRADES

  1. The live trade which I took will be in danger. I expected markets to consolidate for some time, but it looks like markets have a different plan. I may have to even pump fresh capital for protecting it. I will be sharing the adjustment trade with my group.
  2. This is the only trade which I took is in red. Most of my trades were short trades which I had taken some time back. Looks like today they will be in decent profit, provided the vix shoots up in a range.
  3. No fresh trades will be inititated as I need more capital for doing adjustment of the live trade which I did. In my iifl account, I have executed around 10 sets.
INTERNATIONAL MARKETS
  1. US markets are down and out. 
  2. Europe is down and out.
  3. Today the Asian markets are in deep red. SGX is suggesting a 400 point gap down.
CRUDE AND $
  1. Opec is telling that they will cut the output. So the crude has not shot up and is close to $101
  2. $ is now above 80 which was the support. Now it looks like there will be more pain there as well.
FII AND DII
  1.  FII were flat on Friday and DII bought for almost 400+cr



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