You will be pleased to know that this will be my 300th post on this blog!
The Nifty traded with weakness and it seems that the Repo rate hike gave the reason for the market to fall....
But the more interesting news today which 'shocked' me was on Bloomberg... The breaking news on bloomberg was : "March 22 (Bloomberg) -- Stocks dropped and the oil price slid for a third day after a surprise interest-rate increase in India fanned concern the global recovery will stall as economic stimulus programs are wound back"
I am sure Indian government would be proud that its financial policies are affecting the energy markets !!
Considering the sector wise rotation happening in the markets, Telecom seems to be the contrarian sector. RComm seems to be bottoming out (temporarily as of now) and I expect a rebound towards Rs 195 / 205 levels. Keep your stops near to Rs 160.
In fact there are many more such 'contrarian' stocks which are likely to move up in a falling market... (But we shall discuss many of them in the ITG group tomorrow)
Happy trading !!
CA Rajiv D Khatlawala
ValueTrade Academy
www.investogyan.com
3 comments:
HELLO SIR ..RCOM has an 'inverse head and shoulder' price pattern.
IN DAILY CHART 1ST TGT AROUND 178 ..
In short term yes... More visible on intraday charts...
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