I hate IT Returns

No kidding... the whole system of filing your IT Returns is so cumbersome that I really hate it. Primary reason for that is I have vowed not to take help of my family CA this time and decided to file it online. In the whole value chain everyone is hell bent on making your life terrible. Right from the company giving you Form 16, Banks giving you Form 16A, Broker giving you Trading Statement and P&L account... everything is so full of jargon that by the time you read them completely you have a splitting headache. It would have been so much easy to just know the amount you need to pay... pay it and sleep well. But Alas. The whole system with all (earstwhile) Saral and now ITRs is so unfriendly that you wonder whether it is made for helping residents pay tax or otherwise. The CAs are a happy lot in any case.

Ok, after this ranting, I am feeling a lot better and lighter. Now we can come back to our Blog. My apologies for taking off without any prior notice. Went to my native in Konkan for chilling out and got entangled in IT Returns after coming back. Still not over but should be done with it by tomorrow I guess.

I went through your comments and mails and can conclude that you guys want to know about RSI/MACD and Futures. I also have my own ideas but I will keep them aside for the time being and see how I can attend to your wish. I will have to make it a lot more structured this time though so it may be a couple days before I start on with tutorials again.

Meanwhile, I hope those of you who got in to 5300 PUT and some of you who preferred 5200 PUT are not disappointed. I guess you must have got good returns for your investment. This is an expiry week and though one may tend to expect volatility, the experience of last expiry was totally different. Even now, Volatility Index, VIX is at a record low and hence Option Premiums are not very high. You can have a look at it here. It is right now lower than 19 from highs of 30+. No place of high Beta stocks at the moment. Will explain this later.

At the moment, will post the NIFTY Chart before signing off. I am posting a weekly chart this time as it will help me make my point better.

As I have mentioned in earlier post that higher highs and higher lows is the first sign of Bull Market. On a weekly level we have one higher high and one higher low already. However it was in any case foolish to think that Markets are in an uptrend with all the macro-economic factors in mess, turmoil in West and a plethora of negative news from everywhere. Rightly so, we have seen Lower High and the high of June is lower than the high of Feb. Now if the Market breaches Low made in April then the picture becomes very clear. We already have all EMAs taken out by the market convincingly and MACD/ RSI are also not offering any hopes. I would bet on Markets breaching 4800 soon but you guys, hold your horses and do not rush in to trades as I need to be back this hypothesis with a better reasoning.

I will write more about it when I write the trading post for August series. Have a Happy IT Return filing till then. Have tweeted about Supports and Resistance too.