InvestorQ : What is your trading view for 04 May and do you see any sectors of interest for trading?
Deepa Salunkhe made post

What is your trading view for 04 May and do you see any sectors of interest for trading?

Answer
image
diksha shah answered.
2 days ago
Follow

Monday, fortunately it was not a Black Monday, but was certainly a volatile day. After gyrating between gains and losses, the Nifty just closed 3 points higher with metals and select autos doing well. The advance decline ratio looks favourable at 29:21 but VIX continues to hover around 24 levels, which is still a signal of sell on rises approach.

Regarding your query on specific sectors of interest, it is sugar stocks and specialty chemicals that have been in the limelight. Of course, there is a lot of action in the mid-caps as that is where traders are now looking for Alpha. Overall results have been good till date but profits have been lower than the Dec-20 quarter, showing loss of momentum.

Foreign portfolio investors sold Rs.2,289 crore in equities on Monday even while domestic institutions bought Rs.553 crore of equities. After the sharp selling on the last trading day of April, the negative trend appears to be continuing. It looks like the resurgence of COVID and possible delays in the vaccination program has hit FPI sentiments considerably.

Let us finally turn to global markets. NASDAQ was weak on Monday but the Dow was up 238 points as stocks celebrated the rebound in US growth to 6.8% in the Mar-21 quarter. European markets were also in the positive on growth expectations and easy money policies. However, the SGX Nifty is virtually flat, even as Japan and Korean markets are shut.


4 Views