Analysis of Indian Stock Market for 21st August, 2019

Tuesday 20th August, 2019 the markets opened weak, remained volatile intraday and closed in the negative. It seems our currency and our equity markets are among the weakest globally. We did not take any position intraday on 20th as were waiting for some key resistance levels to break.

The track record is in below table.

	Position	BNF	50% profit	Paper Profit	Cumm	Balance
BNF	Date	Price	Taken	Loss	Profit/loss	Position
240	Thursday, August 08, 2019	27950	28200	30000		120
	Tuesday, August 13, 2019		28225	33000	63000	0
-240	Tuesday, August 13, 2019	28190	28000	22800	85800	-120
	Wednesday, August 14, 2019		28060	15600	101400	0
240	Wednesday, August 14, 2019	28100	27955	-34800	66600	0
240	Friday, August 16, 2019	28062	28250	22560	89160	120
	Monday, August 19, 2019		28330	32160	121320	0

The broader trend of cash stocks is seen by the percentage number of stocks which are above important support levels. Currently there are  18% of stocks which are above support and 82% stocks are below support.  When stocks above support are below 50% we consider cash stocks to be in downtrend and above 50% we consider cash stocks to be in uptrend. Just for your information the cash stocks percentage has been below 50% for majority of the time in last 4 months. This percentage when comes below 10%, we consider the markets as quite oversold  and when it is above 90% as quite overbought. Here we also have to see the broad trend of US markets.

Let us see when good news comes for our markets. Till then keep enjoying the trades.

In case you wish to give some suggestion you may go to the blog and give your feedback there on the contact form.

Thanks.
neera@crnindia.com