Credit Suisse in doldrums will take the market.Switzerland’s central bank and financial regulator said Credit Suisse Group AG will receive a liquidity backstop if needed, seeking to restore confidence in the troubled lender after a record slump in its shares. “Credit Suisse meets the capital and liquidity requirements imposed on systemically important banks,” the Swiss National Bank and Finma said in a joint statement late Wednesday.
Volatility is high and it can create a tough situation for traders. Today is weekly expiry and some fireworks are expected. It is important to see what is happening in the markets with a probing eye rather than questioning others.
Credit Suisse’s American depositary receipts pared losses after the announcement by Swiss authorities. They fell 14% to $2.16 at the close in New York after sliding as much as 30%. “We welcome the statement of support,” Credit Suisse wrote on Twitter. That came after Chairman Axel Lehmann said at a conference on Wednesday that government assistance “isn’t a topic.”
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We don't think Nifty will open 50 points up, even if it happens, we should see selling pressure till 16829. I would also start buying some stocks in cash or Nifty Bees for medium to long term.
Nifty. Support is placed at the lows of yesterday though it should bot break 16829. Resistance is placed at 17150.
BankNifty. Resistance is placed at 39800 and support at 38500.
Derivative. Data is positive on 2 counts - firstly incremental index shorts have stopped, carry volumes are lower. The only problem is put buying indicating more pressure on the Index due to expiry.
Cautious day.
Today is a good day for investors to deploy some capital in capital goods, infrastructure, real estate, auto, and banking stocks. Global cues are weak, which is creating pressure on the Indian market as well, but our economy is in much better shape compared to global peers. There is a good chance that the interest rate cycle will reverse globally amid current situations, which can lead to a strong recovery in Indian markets. Therefore, rate-sensitive stocks should do well in the coming days.
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