The global cues are still weak.
But we are seeing some signs of improvement.
Bad news first - Evergrande trading has been suspended in the Hang Sei market (Hong Kong) stock market for the next few days. Their index fell more than 2 %. That is huge. In general the Asian markets were under selling pressure.
For NIFTY, a gap up opening was assumed looking at SGX NIFTY. It is hovering around 17650 as of publishing this post. I will not enter into a trade until it crosses 17700 and stays there for at least half an hour. There is a lot of anxiety and this may result in some profit booking.
BANKNIFTY is up by close to 1% by now and we can expect some profit booking right now. I will just wait and watch. There is not much for me to trade with.
I have signed up with Zerodha over the weekend and will buy a few bonds or gilt funds this week. I intend to use this as a pledge for getting my collateral margins in place.
As for India, the signs are positive, and the results are coming out from the next end of week.
For today, though, I will wait and watch.
Today was great. Even though the global cues were not very good, our market rallied and both NIFTY and BANKNIFTY closed with about 1% upside. I have a long position for October, so this is good for me.
Not much to write home beyond this.
I did buy some SBI Magnum Gilt Fund to use as collateral in the future. Plus, it is a gilt fund obviously, so the capital is protected as well.