Homemarket Newsstocks News

    Trader's Diary: Stop loss of 11325 on Nifty will be in focus

    Trader's Diary: Stop loss of 11325 on Nifty will be in focus

    Trader's Diary: Stop loss of 11325 on Nifty will be in focus
    Profile image

    By Shankar Char   IST (Published)

    That India didn't follow developed markets in the last few days should give it an opportunity to hold off but, the market moves overnight and at the Asia open aren't encouraging. Yesterday, multiple attempts to close above 11550 were repulsed with tepid volumes coupled with a lack of story.
    The hope now is that the Supreme Court doesn't throw a curveball on the banking saga, and leaves it to the RBI to exercise its powers. The new margining/pledge, re-pledge issue has got a bit of time to sort out bottlenecks, but that's just temporary.
    That today will be brutal isn't much of a prediction, the placing of the stop loss at a significant distance from the entry point shows the risks associated with the times.
    One source of solace could be that the lead sector in the US gives up some of the froth associated with the last leg when the pandemic spawned visions of a technologically assisted future way of life. There were always going to be several iterations of this before the world settled into a new paradigm. But, as Akash Prakash aptly indicates, the race for technological superiority has been heating up for some time with the world becoming "bi-polar" from a US-dominated one. Some of these expensive valuations as represented by Nasdaq might have to shed some weight. Can the talk of a vaccine as early as next month have spooked the investors in the tech names?
    That Nifty is pushing on a string in as far as near term earnings are concerned isn't even in question, I had hoped there was at least one more ounce in this bounce. As the week draws to a close, the stop loss of 11325 should be in focus as Asia opens down sharply following the US collapse.
    Thank God Its Friday...
    Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
    arrow down

      Most Read

      Market Movers

      View All
      CompanyPriceChng%Chng