Tit - bits

The Indian bourses witnesses mild bouts of volatility due to weekly F&O expiry, yesterday. The Sensex closed the day 114 points, or 0.37%, up at 30,932.90 while the Nifty finished with a gain of 40 points, or 0.44%, at 9,106.25.

The markets have risen only due to the announcements of relief packages, world wide. However, the real situation is very bad,  with the construction works virually coming to a standstill and retail outlets remaining closed. 

There are no expert orders, while the railways and government employees are draining out public funds by sitting at home and drawing up salaries. All these happened due to sudden implementation of Lockdown, by NaMo government -- another Tughlaq - ian move after Demonetisation. Never in  the last 70 years, did India fare so badly, in most of the economic indicators. 

Today, I  saw media headlines that Nepal has started to talk tough with India....😂😂

After Pakistan and China, India under Narendra Modi, has deteriorated relationship with this neighbor too.....🙆🙆

What we see most, in some of the BJP sympathetic channels is Hindu - Muslim and Hindu - Muslim.

Besides, while, the Cyclone Amphan has hit Bengal creating wanton suffering for the people, we didn't see anything coming out from the PMO. This speaks volumes about the type of leadership, which is running India. 

Anyway, according to pivot charts, the key support level for Nifty is placed at between 9000/9050.  However, today the markets are likely to open gap down and close in the red. 

The condition of banking sector has become more alarming, after Covid - 19 issue. I feel the Bank Nifty will break the support at 17530 and proceed towards 17300.

The share of debt laden insurance company, Reliance Capital Ltd (Rs.6.88), touched Rs.6.89 intraday, on the hope that the fear factor arising out of Covid - 19 will bring in more business for the company. But the irony is that Insurance is a long term investment. Now,  with Uncertainty looming large over the survival of Reliance Capital, how many of you will leave big names in the sector like Life Insurance Corporation of India and go for companies like Reliance Capital? 

Don't buy any scrip for the long term unless this mess is cleared. Only do short term trading based on short term fundamental triggers, charts and pivotal points. 

#Buy Skm Egg Products Export (india) Limited (Rs. 34.35) above Rs. 32 for short term targets of Rs. 39/41. The egg prices are likely to move up as eateries (Restaurants, hotel, motels, etc) have once again started parcel service.  Moreover, country wide lockdown has already crippled the supply chain, creating scarcity in the local markets. I have recommended the scrip several times earlier also. Put a SL at Rs. 31.