China Trade Over , Crude Oil Slips , BJP Wins (8th Oct 24)

1. Markets opened on a weak note today.

2. This was because between 9 to 10 AM Congress was leading up Haryana State elections.

3. Now , I'm not in favour of any political party I'm in favour of stock market.

4. Market is in favour of BJP as market likes stable government and Policy Continuity.

5. The picture changed post 9.30 and BJP won the state will a full majority

6. So the uncertainty about elections has eased off a bit by BJP winning Haryana.

7. Crude Oil yesterday crossed 80$ / barrel.

8. Now it's at 77$/ barrel.

9. This indicates that War fears are also easing up a bit.

10. Thirdly, there were many reports of FII's who were selling India and buying China stocks.

11. What I understand is FII are purely momentum traders

12. They had found momentum there for a short span and they might have shifted.

13. Chinese markets are not a long term growth market , it was just a trading bet.

14. Eventually they had to come back to India.

15. So , in just a fortnight all these 3 factors had turned positive for us

16. Closing at the highest point of the day today indicates continued momentum going forward.

17. Now unless some new major negative news comes by , 24700 is a bottom.

18. This was also the September low , so it's a strong double bottom.

Comments

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