Wednesday, April 6, 2016

Indian Markets End Flat - Are We Out of the Woods Yet?

Today Indian markets closed absolutely flat. It just mirrored its Asian peers. So the question that begs an answer is whether we are out of the woods yet.

I must admit that those who are long in markets are not out of danger unless Nifty closes above 7700.

But the good news is that Nifty seem to be taking support at 7600.



We have long positions in 18 scrips and so there is enough reason to be worried.Present status of these long positions is as under :-

CANBK : Bought at 194, Closed at 184.7
JINDALSTEL : Bought at 62.5, Closed at 62.3
INDIACEM : Bought at 87, Closed at 89.
RPOWER : Bought at 50, Closed at 49.25
IOB : Bought at 30, Closed at 29.1

UNIONBANK : Bought at 134, Closed at 127
ANDHRABANK : Bought at 53, Closed at 52.1
BANKINDIA : Bought at 98, Closed at 92.55
ORIENTBANK : Bought at 94, Closed at 88.15
SYNDIBANK : Bought at 67, Closed at 67.3
HEXAWARE :  Bought at 268, Closed at 256.9
BANKBARODA : Bought at 150, Closed at 144
KTKBANK   :  Bought at 104, Closed at 102.8
UCOBANK  :  Bought at 40, Closed at 37.75
ALBK    :  Bought at 57, Closed at 53.85
IDBI      :  Bought at 71, Closed at 66.9
PNB       : Bought at 87, Closed at 81.55
SBI    :  Bought at 195, Closed at 183.9

But the most worrisome situation is the gruesome way J&K Police have beaten up peacefully demonstrating students of NIIT Srinagar. We should all hang our heads in shame. It can only happen in India that you get beaten up mercilessly by State administration for chanting slogans for the nation.