Markets were down today ,bears had the upper hand !
Major Reason for the fall
1. Below estimate monsoon – 43% below rainfall till date
2. Trade war
3. Global Bank meet this week
4. Also experts believe markets have run up upside too much in last few month ,were valuation is high – healthy correction is warranted
5. Budget Trigger – Traders are in wait an watch mode till July 5th
Advance and decline ratio for the day –
1369 stocks were down
409 stocks were up for the day
After 25 percent down for the month Yes bank was the gainer for the day with 0.74 Percent
Zee was another gainer for the day with 0.36 percent
Zee is down 10 percent for the month
Broader sectoral market index were all were down
Steel ,It,bank, realty,pharma,fmcg,auto,media,metal all the sectors were down !
To name a few stocks –
Tata Steel was down 5 percent
Jsw steel was down around 3.7 percent
Jindal steel was down 5 percent
Automobile sector –
Tata motors was down 3.5 percent
Maruti ,hero was also down
Jet airways was down 18 percent as company is set to be file for insolvency and bankruptcy !
Shri ram transport finance company was down 6.5 percent as piramal enterprise exits his stakes in the company
Fitch Rating Agency forecast GDP FY20 at 6.6%
Crude is down now at 5.50 pm 1 percent
Apollo tyres was up 8 percent – huge volume was seen
Markets are seeing healthy correction,would these corrections turn into nightmare
Nobody knows it !
Budget is the next trigger every one are waiting for !
Economy is under stress – how the policies will be dealt would be seen
US Interest Rate Meet , European Central Bank , Bank of England meet is scheduled for the week
Bank of Japan Monetary policy is also scheduled for the week
Global Investors are in wait an watch mode
Bank Nifty Expectations for tomorrow
Bank Nifty has closed at 30275
30000 is huge support for bank Nifty , 30230 is immediate support ,if Markets trade below this by 2 to 2.45 pm ,we could have tested 30120- 30000
But if the level holds up – we may see some bounce in markets up to 30500
Better observing the markets for first few hours would be good strategy
Trade less
Trade from Savings Money
Start observing markets
Small aim is a Crime
Sagar U.S
