Tuesday, April 12, 2016

Worried About Market? - Nifty Looks Good For 7800

Before Indian markets opened today, I had advised you to take urgent action to sell Indiacem April Futures position. Check out the post here.

Heeding my advice, one could sell Indiacem Apr Futures at 93. It  was bought at 87. That gave a profit of Rs 6.0 per share. One lot Indiacem Futures consists of 6000 shares.

Hence Profit made from one lot of Indicem Apr Fut = 6X6000 = Rs 36000/- 

Markets have been very quiet for better part of today. Hardly any directional movement worth the name was noticed in indices before 2PM. A sense of worry prevails amongst traders, what with US markets closing in negative in last session.

My view is that stocks are pausing after a stellar show in last session. I am saying so since Nifty looks good to touch 7800 in 2/3 days. 

Today Nifty closed at 7709, up by 37.5 points from yesterday's close. However the cause for our concern is that the banking sector did not rally in trade today. Let us hope tomorrow brings cheer to this sector.