Market Trade Setup 17th August #Nifty

Markets and News

Weekend is here and a sad news to end the week. One of the greatest Prime Ministers that India has seen, a poet, orator, journalist and a philosopher, former Prime Minister Atal Bihari Vajpayee passed away at 5.05PM yesterday at the age of 93. Homage to the great son of India and a loss that cannot be filled in, in the near future. Coming to markets, there was a huge green yesterday as Turkish Lira started rebounding and gained 25% of its lost value. Dow Jones has gained more than 300 points and all the Asian markets are in green celebrating the re-bound of the Turkish Lira.

Domestic Cues

Coming to the domestics, Rupee has hit another all-time high today with Rupee touching 70.50 level before recovering a bit. We need to see if Rupee will reversing the trend or not needs to be seen. Today is a holiday for the money markets on account of Parsi New year so the 70.15 level at which rupee closed will be final value till next week. On the Brent Crude front, its right now at 71.1 dollars and that continues to be the good news. There might be some impact on the oil, paint and tyre stocks as the Brent is now firmly settling around 70 dollars now.

Derivatives Action

On the derivatives front, there has been selling that is happening in the Futures market but it is offset by buying that is happening at the lower levels. In options market the Nifty put call ratio corrected to 1.60 from 1.70 seen at the beginning of the day yesterday. Positions were wound from every level and 11000 put saw 3.1 lakh positions unwound and 11300 put also saw 1.6 lakh positions unwound. On the call side 11500 call added 3.3 lakh positions and 11400 call saw 2.8 lakh contracts being added. Even 12000 call saw 3.1 lakh positions built and that is the surprising news.

What is the Nifty call for the day?

We did not react much for the falling Turkish Lira, so we will also not react much for the appreciating Turkish Lira. So, our markets depends today on our fundamentals and we might open again around 11400 levels. Yesterday, if you had gone short at 11420 levels you would have met your target of 50 points when it fell to 11360 levels. Today might be more of side-ways movement and the bias is more towards downside than upside. So, I suggest stay away from taking any new positions. Lets start the fresh trade on Monday.

Bhagavadgita Chapter 10 Vibhuti Vistara Yoga Verse 31

Chapter 10 Vibhuti Vistara Yoga Verse 31

Dyootam cchalayataamasmi tejastejaswinaamaham;

Jayo’smi vyavasaayo’smi sattwam sattwavataamaham.


I am the gambling of the fraudulent; I am the splendour of the splendid;

I am victory; Iam determination of those who are determined; I am the goodness of the good.


In this shloka Lord Krishna compares Himself to the nature that different individuals possess and various activities that they do. He says that He is the gambling of the fraudulent. That means He is the most addictive activity of the person who commits frauds, ie gambling. Then he goes on to compare Himself to the splendour of a splendid person. He also says that He is the victory and He is also the determination of the people who are determined. Finally He goes on to compare Himself to the good nature or goodness of a good person.

Extending Interpretation to Mankind’s Life!

Can Lord be compared to gambling, which is considered as a bad and unacceptable activity? When there are fraudulent people in this world and if they are also the creation of God, then there is no reason why God can’t be compared to the activities that these people do. Of the various methods of de-frauding others, Lord compares Himself to gambling, which is also called dice-play. Gambling is also the manifestation of God. A person who gambles bets on things which doesn’t have a set method or a process and is based on luck and chance. Such people to increase their chances, adopt methods that are fraudulent and become experts in cheating others.

Here Lord was indirectly referring to the game of dice that even a person like Yudhistir couldn’t stay away from. Kauravas led by Shankni have used the fraudulent method of playing the dice game and made Pandavas lose everything, including Draupadi and the battle field in which Lord Krishna is educating Arjuna on Gita is the result of that fraudulent dice game. The opposite nature of the fraudulent is the splendour and people who have them are splendid. Splendid in English means excellent and glorious and splendour means glory. Lord here is the glory. The other things like determination and goodness are self-explanatory and need not require to be explained in detail.