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The markets continued its decline for the third successive week and lost over 3 percent. Weak domestic cues and not so supportive global markets pushed the bulls completely on the back foot.
The sentiment was down from the beginning as participants took note of widening current account deficit (CAD) and declining foreign exchange reserves, due to the weakening of currency against the US dollar.
The situation worsened as the week progressed and sharp fall on the final day of the week unsettled the participants completely. Finally, Nifty settled at 11,143.1, closer to its important support.
This week is going to be crucial for markets as we have derivatives expiry scheduled on Thursday.
The fear of liquidity crunch triggered panic selling recently despite clarification from the NBFC majors and statement from the RBI and SEBI. We feel it will gradually subside with time but traders should be extra cautious at present.
We advise limiting leveraged positions and keeping the existing trades hedged. Also, strictly avoid adding to the loss-making trading positions.
Investors, on the other hand, may start accumulating fundamentally sound counters on dips with medium to long-term view.
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