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Thursday, October 05, 2017
I am still not well, though a little better than before. The treatment is going on, in KEM Hospital Ltd, Bombay whose doctors/nurses, including the entire administration is generally rude and unsympathetic; like many of the government hospitals in India -- unless we go suited and booted in an Audi...Huh!! Apart from that, its medicine OPD closes too early -- that is also a hindrance. The entire hospital is being run by Junior doctors who prescribe medicines and tests, at will. In other words its service has deteriorated too much, since I first visited in 2011. May be: an increase in a number of cases, due to exorbitant charges in private nursing homes is one of the causes -- but that cannot be an excuse from the part of the government of Maharashtra to give basic medical facilities to its people -- especially from those from the underprivileged sections of the society; who cannot afford the fees of the private nursing homes. Mumbai Metropolis (its suburbs and adjoining districts) has few government hospitals as compared to its population density -- the BJP government should look into this......even if they have like that in Vasai West, they are poorly equipped and cannot be trusted for acute ailments. At present I rate the NNMC in Vashi, Navi Mumbai as the best government hospital in the city, though it is not as mammoth as Sion Hospital or KEM Hospital.
Anyway, according to a report in Money Control: The Nifty moved above the crucial resistance level of 9,900 on Wednesday, but failed to close above its crucial level of 9920 levels. The index has recovered by 50 percent of the entire fall from 10,178 to 9,687 and now the next hurdle is 61.80% retracement at 9,980-10,000 zones.
Recently, the Reserve Bank of India's governor warned that the government needs to be cautious on fiscal stimulus even as the economic growth slows. The MPC warned that any economic stimulus along with farm loan waivers could push up the fiscal deficit by 1% points accelerating inflation. It further said that the combined fiscal deficit to GDP ratio could increase by around 100 basis points in 2017-18. This highlights my concern for the market, which is trading at an abnormally high P/E ratio, with no improvement in the economy at sight.
The Nifty closed at 9914.9 on Wednesday. According to Pivot charts, the key support level for Nifty is placed at 9,864.27, followed by 9,813.63. If the index starts to move higher, key resistance levels to watch out are 9,951.92, followed by 9,988.93.
However, the Nifty is rising basically because of the RIL which closed at 819.20 or up 2.61%b yesterday. Remember a basic saying in Dalal Street: When Reliance Industries Ltd starts to rise it indicates that the end of the rally is round the corner.
I don't hold any position, except some old shares like Kohinoor Broadcasting, Genera Agri Corp Ltd (Rs.5.95), etc.
The moot point is what when the retail investors, starts to sell all the support levels break. Therefore, be cautious and do not take excessively - deep - long - positions