02 Aug 2024 + Nifty down 160pts, stance neutral & watchful
Nifty Stance Neutral ➡️
It is too early to go short, but the US markets have already reversed and the news coming in is pretty bleak. Reports suggest the legend WB has unloaded 50% shares of Apple & has a cash balance of $277 billion - source.
We only fell 160pts ~ 0.64% this week and this is after hitting the prestigious milestone of 25000. The new ATH is 25078.
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Friday's price action was pretty intense, we dropped 293pts ~ 1.17% and closed at the low point of the day. Just for comparison, Japanese markets fell 5.83%. One thing is obvious, Indian markets are showing extreme resilience compared with global peers.
SPX fell -1.84%, NDQ -2.38%, and guess what our Gifty is still hovering around the same levels as the spot. I am not quite sure if we will have a Black Monday or not, but if we break 24600 levels, it is shorting time.
Even if you agree with me or not, Nifty has really run up a lot, much more than rational expectations. Even if we correct 20% we may not enter a bear market!
It is too early to go short, but the US markets have already reversed and the news coming in is pretty bleak. Reports suggest the legend WB has unloaded 50% shares of Apple & has a cash balance of $277 billion - source.
We only fell 160pts ~ 0.64% this week and this is after hitting the prestigious milestone of 25000. The new ATH is 25078.
---
Friday's price action was pretty intense, we dropped 293pts ~ 1.17% and closed at the low point of the day. Just for comparison, Japanese markets fell 5.83%. One thing is obvious, Indian markets are showing extreme resilience compared with global peers.
SPX fell -1.84%, NDQ -2.38%, and guess what our Gifty is still hovering around the same levels as the spot. I am not quite sure if we will have a Black Monday or not, but if we break 24600 levels, it is shorting time.
Even if you agree with me or not, Nifty has really run up a lot, much more than rational expectations. Even if we correct 20% we may not enter a bear market!
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