Domestic stock market climbs a wall of worry; what to do now

The domestic stock market opened the week on Wall Street worries but cllimbed back slowly on positive sentiments reflected through the blockbuster listing of the D-Mart IPO. 

The Nifty50’s reaction on the US jitters is not a good sign for the Indian market. The market’s relentless upward move has left 12 stocks in the F&O ban list, which is on the higher side, while the first-day listing premium of IPOs and indicators of bullish sentiment are pointing towards high bullish sentiment, which is why any negative event from gobal markets lead to a gap-down opening in India. 

Events of the week 
The famous quote of Abraham Lincoln, the most respected President of the Century, goes like this: “Government of the people, by the people and for the people shall not perish from the earth.” It holds true for the present government in India as new policies will henceforth allow profits to the government from projects handed over to private companies. 

Technical Outlook

The market is entering the profit-taking zone. Indicators have signalled overbought condition at these levels. Prices, therefore, can cool down or see sideways movement. The Nifty50 may come to fill the gap and touch the 9,000 level before making any decisive move upward. Traders should buy on dips. All long positional trades must have a strict stop loss at 8,850 level on the Nifty. 

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