There is but little hope for slaves of fortune,
Who will not share their failures with their will.
Mastered by the wind, they blame their portion
On chance, which sets their course for good or ill.
But one’s bad luck fits snug on who one is;
One’s fortune is the lyrics of one’s song.
Yeah….just tryin2impress here with a poetic interlude (the above lines are written by Nicholas Gordon)! I am neither congratulating the Bulls nor berating the Bears because I am myself lost and confused about my role in the whole scenario and I hate to be a pig waiting to be slaughtered! Nevertheless we all indeed are Slaves Of Fortune! Nifty’s open was expected following weak overnight cues from the world markets plus a CRR and Repo hike by RBI. Equally surprising was the way this news was taken into the stride and with a little help from strong Asian markets and a firm opening in European bourses we had ourselves a nice trending day but filled with lot of spasmodic reactions. For every analyst worth his salt this rally was expected because of oversold levels, and it suggested a relief from the red we were so accustomed to seeing for last one week. Normally we can’t predict the market behaviour but today Nifty did favor the brave albeit temporarily, and then it confused the novices with NOISE. On the daily chart we have closed above the psychological level of 4250 and if there are no nasty surprises (wishful thinking!) we should see 4350/60. Having said this we must consider some external factors like important Fed meet and tomorrow being the derivatives expiry for us. Also a cause of concern is our very own Left Oscillator (Nuke Deal), which has started to swing wildly!
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