Market on Jan 17, 2024

Daily Journal:

Reliance, Infosys post decent numbers. Markets to react to these numbers today.

Havells not so impressive numbers. Shows the sentiment in the real estate ancillary space.

US markets had a weak session yesterday. All the 3 indices closed in red. Futures are trading flat. 10Y Bond Yield is at 4.6%. Brent Oil inches up to 81$. Dollar Index cools off a bit to 108. Asian Markets are mixed. Consider global cues slightly weakish for today.

Nifty tried to rally yesterday but there was selling emerging with every up move. This kept the main line indices under pressure. There is no strength in the market yet. It is unable to cross even the smallest moving average of 10DEMA. Markets are a bit oversold now. But strong buying is just not emerging at all. People are playing just wait and watch game. They are watching the events coming up like Trump’s takeover, Budget 2025 etc. Results season so far has also not been so great to change the direction of the market.

As I see the markets continue to consolidate, I will be following the same strategy. Buy on dips the strong stocks in my portfolio. Sell on the rise my weak stocks. I will keep shuffling like this till the markets come out of the woods. It is going to happen soon in the next few months. We will have to be patient and stay invested.

Research of finding better invetment opportunity never stops.