Nifty corrects after hitting high : US stocks fall : 10 Dec 2013


Nifty fell today as political euphoria slowly diminishing , you cannot take the markets more higher on sentiments , there should be strong macro data to push the markets higher. Biggest loser were the power stocks like NTPC, Tata Power , Power Grid which fell on new CERC norms which may make power cheaper . Adding to inflation will be todays decision to hike the commission to dealers on LPG . The price is now raised to INR 3.46 per cylinder . As mentioned earlier profit booking was expected and hence I took a decision to exit my longs . I have still not taken a decision on Sell Nifty and Bank Nifty calls as they are currently in negative . I will look tomorrow again to take a position in Nifty and Bank Nifty . I see a support of 6100 on the Nifty and 11700 on Bank Nifty .

S&P retreated after being very close to all time high , many analysts have now polled that Fed may take a decision to reduce bond buying in next week meeting . With all the good news on Payrolls , Retail and GDP I see US improving in 2014 . I am also not convinced with equities at all time high and I see that this bullishness may be short lived. I expect the market to correct sooner around 1800 levels  .  I am still holding a Buy $UsdChf which is now below .8900 , its irritating me as i am huge negative currently . I am also holding Short $GbpUsd which is moving sideways as of now . I also want to go short $GbpAud ...but my account is not allowing me to take this position . So anyone of you all who want to take another position may do so now @1.79557 .

Strategy
No Change in Sell Nifty Call December Series
No change in Bank Nifty Sell Calls for January Series.
No change in long $UsdChf position .
No change in short on S&P equity [half]position.
No change in Short Sell $GbpUsd.
 

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