Sensex Down : Markets under Pressure 30th Sep 2013


Lot of news coming in which has affected markets today with quite a big drop on Nifty [110 points].

"The U.S. government stands poised for its first partial shutdown in 17 years at midnight tonight, after a weekend with no signs of negotiations or compromise from either the House or Senate to avert it. "

"The current account deficit came in at 4.9 percent (vs 4 percent YoY) in the first quarter of 2014, inline with street expectation. Experts called it a "mild positive" saying the deficit stayed high due to rise in imports. In absolute terms, CAD stood at USD 21.8 billion in Q1 against USD 16.9 billion in the corresponding prior period."

I remain short on the Nifty [as discussed last post Profit : 150 points ] with targets of 5600 [continue to hold the position] . Any correction should be taken as an opportunity to short again .
My EURUSD Short position [as discussed last post Loss : 20 pips] somewhat coming under pressure right now [there was gap down today on the US news] . I continue to hold the position with strict SL of 100 pips .
Looking at the Indian Rupee [for all my NRI friends] it will be under pressure for another 3-6 months . This is the best time to remit money as much as you can . I will discuss on this topic in my next post on how you hedge using currency Futures.
Going Ahead looking on how US resolves the a stalemate over the federal budget increase and  likelihood of a government shutdown. Also on US Employment numbers on Oct 4th 2013 which may actually tell us the direction of US Dollar.

Happy Investing .

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