We changed the market status to a Rally Attempt (on June 21) as the Nifty50 managed to stay above its day one low for two consecutive sessions. On July 18, the index closed 1.43% higher on volume higher than the previous session.
Nifty futures open interest remained low near 1 crore shares and only marginal additions of long positions were seen last week. With subdued OI, a sharp move seems unlikely. On the other hand, banking space has seen significant long accumulation which has been the driver of recent up move in Nifty.
“Facing adversity with a sense of reality was something Rakesh Jhunjhunwala always believed in. How to admit reality and change your view with courage and conviction is a very great quality that he had and he was always a learner. You cannot get wise without being a learner, luck is not enough.”
Indiabulls Real Estate has cut its net debt by 54% to Rs 464 crore during the three months ended June, compared to the March quarter. Besides, the merger with the Embassy Group is in the final stage of the National Company Law Tribunal (NCLT) review, the company said in its investor presentation.
Many traders use an absolute stop loss, just like the one in the example above where the stop loss per trade is Rs 5,000. However, many professional traders prefer to place the stop loss at a point where the premise of taking the trade changes.
The most recent instance of this dynamic is during the early stages of the Covid 19 pandemic. The pandemic outbreak in the early 2020s caused a horrifyingly rapid and massive decline in economic activity which was aided by the sharpest stock market decline ever. The Fed reacted by slicing rates as low as they go with increased quantitative easing, and then the economy and stocks arrived storming back.
Jhunjhunwala minted a huge fortune from Titan Company. However, his stake in the company was slashed to 5.1 per cent stake as on June 30, 2022, from 7.28 per cent on June 30, 2012. The shares of Tata group's luxury consumer durable company rallied a jaw-dropping 1,012 per cent to settle at Rs 2,491.95 on August 12, 2022, from Rs 222.3 on June 29, 2012.
"One of the reasons why I say that life is God's grace and elders blessing for all is because nobody introduced him to Radhakishan Damani. We met on the streets of the Bombay Stock Exchange,” he had said, adding that he treats him as his mentor because he has learnt a lot about markets as well as personal life from the DMart founder.