Maybe they just need the money. Small selling is not ever anything to worry. The short term top might have been set to have reached if
A. There was a climax move where everyone was talking about it and RSI went through the roof or a parabolic move happened with stock pricing doubling from say maybe a 30 week moving average.
B. The stock went up just on narrative with no concrete improvement in business or with poor results. As far as I can see, Mr Vageria has delivered what he’s promised.
C. There was a change in the business in sales or margins which the market hadn’t factored in or ignored – which we will probably know in the results.
Generally stocks pause to take a breath after a 50 percent upmove. In fact, it’s not given a deep correction even on carnage days. This seems like a consolidation phase in a narrow range.
As far as the crude oil price hike is concerned, I suspect companies which depend on crude a lot will or should have a pass through clause to protect their margins especially in longer term contracts.
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