India Equities:Bear Trap in all its GloryThe stock markets continue to rise...through the Nifty 3000 level I had projected for this counterrally ( Muhurrat rallcracker will fizzle out).I am back to the sidelines and 100% in cash:sold my ONGC at Rs 705 (up 28% from the rs 550 purchase price)sold my ICICI Bank at Rs 439 (up 33% from the Rs 330 purchase price)While I continue to like energy as a long term hold, stocks rising 25 to 30% in a crisis environment reeks of caution being thrown to the headwinds. Instead, I threw my stocks to the headwinds and expect to catch them when they fall back.The government, RBI, industry leaders are desperately calling for action to save the economy from problems in one sector after another. Investors are bottom fishing in this environment.Remember, Equities as an asset class are like marathon runners; they win in the long run...In India, investors keep confusing the stock market with the 100 meter dash.Live and Learn.Lee's DhabaThe content on this mail is provided as general information only and should not be taken as investment advice. All site content, including advertisements, shall not be construed as a recommendation to buy or sell any security or financial instrument, or to participate in any particular trading or investment strategy. The ideas expressed on this site are solely the opinions of the author(s) and do not necessarily represent the opinions of sponsors or firms affiliated with the author(s). The author may or may not have a position in any company or advertiser referenced above. Any action that you take as a result of information, analysis, or advertisement on this site is ultimately your responsibility. Consult your investment adviser before making any investment decisions.
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