Zee Business Managing Editor Anil Singhvi has warned investors and traders not to make certain mistakes while tracking market trends and making investment decisions in October. He was speaking on the outlook of the October series. Cutting through the confusion, the Market Guru said that investors should not base their trading calls on trends in the US markets alone.
He said that the US markets have been on the rebound on the back of news around a stimulus package. Talks are on and off on this issue and this is likely to continue over the month. It will be too early to predict the market movement even if the package comes through, he further said and added that he was not taking a one sided view on the stimulus package.
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US Presidential contender Joe Biden and President Donald Trump will also be debating today. He said that the markets could be volatile as the country approaches the 3 November elections. Singhvi said that it is still unclear which way the results will go.
Also, Singhvi said that the overnight volatility will play out throughout this month and any call on BTST (Buy Today Sell Tomorrow) trades based on overnight closing, could be counterproductive.
The Market Guru also added that traders should not take a call based on the overnight positions depending only upon the trends in the US markets.
He said that the traders should hope for the best and be prepared for the worst while carrying their traded over the next day.
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The risks remain on both sides of the trade in this month so the investors and traders should not be overconfident, the Managing Editor warned.