The views expressed in this column are the author's own and do not represent those of EconomicTimes.com)
It's Deepawali again and traders are busy gearing up for the customary 'Muhurat trading', a tradition unique to India where markets open for a short while in the evening on the day the country celebrates the festival of lights.
It's Deepawali again and traders are busy gearing up for the customary 'Muhurat trading', a tradition unique to India where markets open for a short while in the evening on the day the country celebrates the festival of lights.
Indian markets open each year to let traders make the auspicious Muhurat trade as the ring in the new samvat. It is on this day that traders often reflect on the year that went by and see how they fared since the last Deepawali.
This year from one Deepawali to another, there's not much to write about. Indian markets traded close to their all time highs last year when traders took their Muhurat punts and this time they are way off those high levels.
What further dampen investor sentiment are the unusual ups & downs in the last few months where the indices have been all around the place and traders have had a particularly tough time navigating.
Rising interest rates, fears of a deepening crisis in Europe and political uncertainty at home are things that weigh on traders' mind as they go into trade on Wednesday with the hope that next year will bring in some much needed relief and cheer to the markets.
Market technical's point to an improving trend and it is quite possible that the Nifty may well pierce 5,200 levels in this Deepawali week.
Over the next year, markets may take another stab at the 5,800 levels and may go beyond to hit a new high given that long term charts point to a reversal.
We suggest investors do some Deepawali shopping and look to buy quality stocks that have taken more than their fair share of hammering in the recent fall.
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