DOW JONES sold off badly as
expected
In our
past market updates, we have been warning about the imminent upcoming sell off
in USA Dow Jones index, the resistance of India and other EMs to bow down and
follow it on the down side as well as how they will not be able to cop with a
heavy sell off in the same. While the Dow Jones decline was given, and the
Indian markets touched their upper end of the range that it has been trading
for some time; those in knowledge of the pattern made good money on both up and
down side.
As of
writing this Indian stock markets are yet to open and on Friday DOW JONES shed
another 500 points, Asian markets are about mixed, and SGX NIFTY also not a lot
indicative with flattish or non-indicative bias. We maintain sell on rise and
buy on dips with stock specific movement.
Read recent
articles for more insight as the structure of markets and present trading
strategy remain same more or less.
We do
not believe that the cut in GST rates will have a great deal of impact in view
of the monthly movement of markets.
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