A buy day

• What started as a good day ended badly yesterday.
• There was major weakness in overseas market prior to our market opening. However buyers were active and we were not affected by the weakness.
• Initial bout of buying looked to set up the market for a good day. Fear of missing out on a rally had traders buying the midday strength.
• However the strength proved illusive and sellers resurfaced in last few hours and the close was ugly.
• While the action continues to be negative , the Market Monitor readings have not reached extreme. The reversal in MM readings seen on 9th October still holds.
• The world markets coming in to open are today in reversal mode and we are likely to see some buying interest at open.
• For us Indians today is a must buy day. It is Diwali day. Traditionally Indians buy stocks, gold, or land on Diwali day. So I am a buyer today. At least a token buy is must today in the spirit of Diwali for us.