Making Sense

On my post dated 10 November, 2013, I had shared my view to go long around 99.00 levels with a clear stop below 97 for a target of 108.15. We are currently trading @ 105.00 levels having already captured 6 big figure move. One may take profit on half the position and run the remaining for 107.00 levels. We may first test 106.00 and then retrace for 107.00 levels. P.S. I am a long 15 day leave and hence not updating frequently. Promise to be more regular !!

Exit polls showed BJP will win in four out of five states where election was held. Congress may retain Mizoram and lose Rajasthan and Delhi to BJP and BJP will continue to rule in MP and Chattisgarh. The exit poll results were welcomed by market with Nifty soaring 1.30% to 6241 levels and USDINR opening 20 ps lower and touching lows of 61.55 at open on sharp selling. With oil bids coming in we saw USDINR back to 61.88 levels but later closed at 61.76. A close below crucial 61.80 levels is a very significant price move and exposes downside target of 59.50. One can go short around 61.80 levels with stop loss above 62.40 for an initial target of 60.50 and then 59.50. I was discussing with a colleague just yesterday that all of a sudden everything seems to be positive on USDINR - CAD concerns have been greatly diminished, fiscal deficit likely to be contained at 4.80% (even though it is more of an accounting camouflage), people like you and me are finally seeing a drop in vegetable p...

Of note: 1.   India has received $32 billion under the special concessional swap windows for deposits by non-resident Indians and overseas foreign currency borrowings by banks 2.     Gross domestic product or GDP rose 4.8 per cent in July- September compared with 4.4 per cent in the previous quarter 3.      No urgency to include G-Secs into global indices, says Arvind Mayaram. "It would be interesting to be on the global indices, but it is not a matter which is emergent or so urgent that it would require an immediate decision" 4.   In another new development, India is preparing to lobby major trading partners including Japan, Iraq and Venezuela to accept rupee payments for some of their exports. 5.    November ’13 has seen net FII inflow of INR 2133 Crs 6.    Globally, China's PMI stood at 51.40 in November, exceeding expectations of a reading of 51.10. Week ahead H. HSBC Markit Manufacturing PMI (Monday) 2. ...