A very happy Diwali to all our patrons . We thank you for your support and encouragement .
Also a very happy Muhurat Trading
to all of you !
For those of you who are unaware of this Indian tradition , : Muhurat Trading is the one hour trading on the day of Diwali . This is also the day for Lakshmi Puja . Lakshmi is the goddess of wealth .
Coming back to markets , there was a major sell off in US markets . Indian markets opened gap down but recovered some of the losses by the end of the day .As discussed in yesterday's report the forthcoming Fed action on interest rates will keep the market soft .
We can expect some major sell off in risky assets . Risk OFF for now please.
We have been bullish USD for sometime now. Rupee lost more than 1% to 66.44 yesterday. By end of the year we expect it to breach 67 . However it may happen much before that if sentiments deteriorate.