After a long weekend, its time to price in some of the news

On Friday, Nifty touched a high of 4853.65 which was very close to 50 day moving average level of 4859 and fell like nine pins only to close at 4711. This fall caused many people to ask. " Aaj bazaar itna kyun gira diya? kal ( thursday ) to Dow Jones 200 point up tha ". The answer to this although the provisional data for FII's & DII's show that they are net buyers but there may be some Foreign Institutional Investors who thought that last thursday rally of 200 points was too much and that is why the next very day DowJones retraced back all its gains that was made on thursday and fell more than couple of hundred points. On Monday, Asian markets fell anywhere between 1-2% barring HangSeng taking the cues from U.S markets close on Friday.The HSBC's Purchasing Managers' Index (PMI) based on a survey of 500 companies, fell to 54.5 in October from 55 in September. A reading above 50 means activity expanded during the month but at a slightly slower pace as growth in new orders and output slowed


Nifty View:

As expected bounce did happen and Nifty did face stiff resistance at around 50 dma and will continue to do so for some more time. For traders, the Friday's down move in the later part of the day should be a lesson for future that some profits should be booked after a gap up if someone has bought at lower levels



Dow Jones view:

It is trying to come back into channel as it attempted to do so Today but failed eventually. Dow was up around 150 points in the opening one hour but constant selling pressure was seen from investors after that and it came into negative territory.




Stock View: Mundra port




Sorry, for not updating a detailed report on " Impact of longer trading hours " last weekend & will definitely complete in this weekend and if i get time i would try to post about the tariff war that is going on

Have a nice trading day

Regards

Ankit