After the super up move on Monday, we had a flattish Tuesday.
Except Banking Sector things were subdued.
ICICIBANK results were out. As I have stated many times, bad results nowadays make the stock go up and go up significantly. ICICIBANK was no exception. It went up by about 8%.
Wait for a few days and we may see it coming back to where it jumped from.
Canara Bank , SBI etc all moved down initially and then made the abrupt move upward and came down towards the end of the day.
Inherent volatility or inherent irrationality– Not sure at this point of time but there is no reward for knowing the reasons. We make money when right and lose it when wrong. Reasons or lack of them do not matter.
Yesterday was a mixed bag.
BHEL and TATA MOTORS did well. HCC also came at par.
HINDUNILVR lost a little and M&M was the biggest loser for the day. Not good for our call.
UPL and SBIN too did not do well.
We wait for the action today.
Again a flat type of day is anticipated .
US markets were very dull and SGX NIFTY indicates a mildly lower opening.
More than that should not be read into this.
We stay with the trades and expect that markets will do the right thing for us.
Trade cautiously, trade profitably.
Disclaimer: This post and examples are for teaching purpose only and are not meant as advice/suggestion to trade in these stocks. Trading in Futures and Options can lead to big losses and should be done with appropriate knowledge and advice only. Mentioning the stocks here does not imply that I have a trading position or likely to take a trade in these stocks.
Madan Mohan May 9, 2018 at 4:30 pm
ICICI Bank: – Looks like Government deliberately keeping aside the Chanda K investigation. Lot of price escalation (or manipulation) is seen in ICICI Bank in the last 2 days.Reply