Indian economy is at most crucial level…
Here is small part from Mondays daily report of Indian market:
Before you read this report, let me tell you that I don’t love Modi or hate, I am just writing what I see. Surely as a voter I would have voted for Modi.
Union budget failed to impress Dalal Street and smart investors. PSU banks gained value and private banks struggled to put out performance. Auto ancillary and gold jewelry stocks lost value as the government announced adding duty.
There was nothing special about this budget, yes the government needs to borrow to fund spending, they raised taxes on oil which will be paid by consumers for the government to fund their spending. Petrol and diesel prices went higher on Friday towards an all-time high, when the international market crude is hanging around $58.00 which is far lower from the historic high.
Globally developed world countries are fighting to bring inflation higher, but countries like India is fighting to bring down inflation, basically wrong policies. Job growth is around 45 years low; GDP came far below in the last five years under the Modi government. Business environment and borrowing is becoming tougher day by day for those who really want to play a part in the economy but bureaucracy and lending policy is coming in-between.
Yes, the most challenging time is coming for India and the Indian investors, thank God that the USA market is performing so well which is helping the emerging market to keep their enthusiasm higher. If the USA market started going down then Nifty can goes back 8200 or lower, it will be a nightmare. Modi is talking about taking the economy towards 5 trillion but for that India really needs real economic policy rather than political agenda and political greed which currently have been witnessing in NDA government, they want to have power in and every state. I was surprise to read that Amit Shah is saying mission 2023 Telangana, BJP should calm down they have majority and they should do better job for country. China is expanding its economy not only regionally but globally and Indian is shrinking. I hope good advisor will give Modi and Amit shah lessons and true picture of economy so they start working for economy.
We all shall give some more time to the Modi government to bring the economy on the right track, if the Modi government fails to do that, that would be disastrous news for India and the Indian economy.
At this stage Nifty is holding 11775. On Monday we would like to see Nifty holding 11775 and if it does so then it will surely keep our bullish market predictions intact. If Nifty closes below this level for three days, then we predict Nifty going towards 10988 very quickly.
At this stage I recommend to staying on the sidelines. If the Indian market traded negatively from Monday to Wednesday, then get out of all longs and buy some put options. Wait for three days before you make the most important decision of the future coming time. click here to read complete daily Indian market report: https://www.mahendraprophecy.com/indian-market-subscription.php
Thanks & God Bless