The NSE Benevolence

You have to admit that it feels good when the Australian cricket team gets hammered for two consecutive days in the cricket field. But that was about the only good thing about yesterday. We opened at 9.00 a.m and then the markets kind of sleepwalked through the day. There is already a lot of talk about the decision to open the market one hour early. I do not want to get into a debate but I believe that NSE did this because it had the interests of the brokers and the sales traders and dealers at heart. Just imagine, now that the dealer has to leave home at 6:30 to reach his office by 8:00, he can escape having to drop off his kids to school. Also no bringing the same old dreary wife cooked lunch. He gets to eat interesting stuff outside each day. Then what about the additional advantage that he remains away from home for one hour longer each day. Less stress you would admit. If the dealer is lucky he might even catch a beautiful sunrise. Lastly he has a reason to escape any form of exercise in the morning. There is just no time. I tell you that on deeper introspection you will find that NSE/BSE is only trying to help us.

Oh, by the way, the market was so lacklustre yesterday that every dealer could have made up for any lack of sleep due to waking early. Nifty remained in a small range and participation was weak. Volumes abysmal. The only good thing that happened yesterday was that now almost all asset classes including Gold and Silver have moved into an uptrend. HSI and HSCEI which were in a downtrend have also moved up and triggered their BUYs. The details are given in the Table that I send separately.

Currently I am long Nifty from 5200 levels. The stop for this trade has now been moved up to 5082. Below those levels I will get out of my long positions and go short.