Purnartha - 10-Sep-2013 - Purnartha analysis of events & factors likely to have near, medium term impact (To receive these updates in your mailbox every morning before 11:00 AM - just call our toll free number: 1800 - 266 - 0161 or send an e-mail to support@purnartha) 1) Due to the strong exports data from China all the Asian markets yesterday rallied. US market also gave a sharp up move yesterday on account of China data and delayed action on Syria. 2) Gold and Silver are trading in a narrow range with negative bias. 3) Due to swap window for currency, Rupee is showing some strength. This strength is also supported by strong inflows from FII in last 3 days in equity as well as debt market. In the near term now volatility in the rupee will go away and rupee will stabilize in range of 63 to 67. FOMC meet on 18 Sep and RBI policy on 20 Sep can violate above mentioned level for currency. 4) Equity market is showing some strength due to currency appreciation and supported by banking sector as RBI governor suggested taking strong action to revive banking sector. Also metal sector is supporting the market due to strong economy number from most of the economies. In the near term market will lose some volatility and can consolidate around 5600 to 5900 level. There is no fundamental change in the market, this is just sentimental rally and can vanish in next 2 to 3 trading session. 5) Keep on buying 2M, 3M puts of Nifty on any 100 point rise. This strategy has potential of drawdown of 25 to 30% and upside of 75 to 130%. 6) Strong sectors: Banking, Telecom, Pharma, Metals 7) Weak sectors: Tech, Auto 8) Stocks to go SHORT on Short ONGC future of October around 297 target 260 stop loss 310. 9) Strong stocks: GSK consumer, Cipla, Tata Motors
Posted on: Tue, 10 Sep 2013 06:13:10 +0000
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