Politics is an ‘expensive hobby': Kangana Ranaut says MP salary is not enough, 'Can't have it as a profession'
'If I have to go to my constituency with some representation, with some PAs, 3-4 cars, the expenses are in lakhs because one place from the other is 300-400 km minimum. So, it is a very expensive hobby. You need a job,' she said during an interview with Times Now.
'A lot of MPs have businesses, and they are working as lawyers. The people who have come before me, Javed Akhtar Ji. They kept doing their work. You have got to work,' the Bollywood actress said.
'If you are an MP you can't have it as a profession because you need a job. You need a job. If you are an honest person if you are not trying to do some…' she giggled while hinting at scams.
She immediately got serious and said, 'I am not here to make a judgment on anybody.'
In May 2025, the Mandi MP criticised US President Donald Trump's remarks about India. In a now-deleted post on X, she questioned if Trump was jealous of Prime Minister Narendra Modi's global popularity. She wondered if it was 'jealousy or diplomatic insecurity.'
The tweet came after Trump said he had told Apple not to manufacture in India unless it served India's market.
During the interview, Kangana Ranaut was asked to comment about those who question the effect of Operation Sindoor. They claim that US President Donald Trump 'did everything'.
'I have also been a big supporter of Trump earlier. But, the way he is going now, I personally feel that he has just messed up in so many places, even you know in his own country,' she said.
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Dear reader, Last week, I wrote that there was an undertone of cautious optimism in the market data. Retail traders appeared hesitant, but overall nursed a bullish bias. There has been a slight change in sentiments since then. There is a degree of desolation as a small segment of traders abandoned their bullish bias and preferred to sit on the fence. US President Donald Trump's threats of imposing 10% additional tariffs on BRICS (Brazil, Russia, India, China, and South Africa) members (specifically mentioning India), as well as 500% penal tariffs on nations buying Russian oil, spooked bulls. These fears were visible in prices on Friday. All optimism of a trade deal with the US was brushed aside. Trump's threat to take action on Russia on 14 July was seen as a possible sanction on Russian oil exports. That pushed oil prices higher and added to the nervousness. The sharp rally in bullion underscores the flight to safety as big money went into safe-haven cum capital preservation, mode. I have been advocating for a few quarters that the bullish outlook on bullion remains intact as long as my readers are prepared to look beyond 2025. I still maintain that view and delivery investment in bullion should be retained. Ignore the short-term noise. Oil prices rose sharply on Friday as Trump's threats on Russia were perceived as possible sanctions on Russian oil exports. While recent events have shown that Trump is capable of issuing unlikely orders on tariffs, sanctioning Russian oil is a self-defeating exercise. Veteran oil traders know that the global energy markets are also serviced by parallel dark fleets of unmarked oil tankers that transport a shadow inventory of off-the-books oil that does not exist on paper. Russia has a huge fleet of ghost tankers which deliver this shadow inventory on the high seas where no jurisdiction applies. It is for the same reason that the European Union's proposal to cap Russian oil prices at no more than a 15% discount to open market prices is a non-event. I maintain my view that I have put forth in this column for many quarters—energy markets are well supplied. Shortages exist only in narratives, which result in short-term price anomalies. Industrial metals may witness higher than usual volatility with a mild upward bias after Trump's announcement of a 50% tariff on copper. This is another unsustainable event as it can trigger a potential industrial slowdown. Last week, I pointed out the fall in traded volumes in the derivatives (F&O) market after Jane Street was barred from trading in our markets. Which is why I suggested deploying tail risk (Hacienda) hedges. That strategy paid off as markets nosedived on Thursday and Friday. I believe the liquidity shock is likely to continue to impact sentiments for some more time. Options traders are noticing lethargy in premiums, and trades are getting sporadic and patchy in nature, with bid/offer spreads getting wider. That is a serious challenge for an efficient price discovery mechanism. Keeping in mind this aspect, I suggest my readers trade light with tail risk hedges in place. Trading action will remain polarised around banking and financial sector stocks due to their sheer weightage in the broad-based Nifty 50. Public sector undertaking (PSU) stocks will also see trader participation. Should traders display unusual signs of aggressive bullishness, markets can shrug off the lethargy, but the probability of that is below average. Fixed-income investors are assessing the fallout of the proposed reduction in the weightage of Indian sovereign bonds in the emerging market bond benchmark index. Should this happen, there could be some outflows of overseas investments from debt markets by FIIs. A tutorial video on tail risk (Hacienda) hedges is here. Rearview mirror Let us assess what happened last week so we can guesstimate what to expect in the coming week. The broad-based Nifty 50 led the fall, while the Bank Nifty came up short. A strengthening US dollar index (DXY) exerted downward pressure on emerging markets (including India). Bullion rose on safe-haven buying. Gas fell, whereas oil humped on Russian sanctions fears. The rupee weakened against the dollar as the DXY strengthened, and traders worried about JP Morgan's prospects of reducing Indian bonds' weightage. That added to the bearish sentiments. The NSE lost market capitalisation as selling pressure was broad-based. Market-wide position limits (MWPL) rose as traders raised their exposure routinely. US market indices fell and provided headwinds to our markets. Retail risk appetite – I use a simple yet highly accurate yardstick for measuring the conviction levels of retail traders—where are they deploying money. I measure the percentage of turnover of lower- and higher-risk instruments. If they trade more of futures, which require sizable capital, their risk appetite is higher. Within the futures space, index futures are less volatile compared to stock futures. A higher footprint in stock futures shows higher aggression levels. Ditto for stock and index options. Last week, this is what their footprint looked like (the numbers are the average of all trading days of the week) – Turnover contribution in the capital-intensive futures segment rose mildly, that is, in the stock futures segment. Since these are more capital-intensive than index futures, trader participation seemed to be healthy. The turnover contribution rose in the riskier stock options segment, which indicates optimism, but it was in the lower-risk options segment. To revive sentiments, follow-up buying in large numbers will be needed. Matryoshka analysis Let us peel layer after layer of statistical data to arrive at the core message of the markets. The first chart I share is the NSE advance-decline ratio. After the price itself, this indicator is the fastest (leading) indicator of which way the winds are blowing. This simple yet accurate indicator computes the ratio of the number of rising stocks compared to falling stocks. As long as the stocks that are gaining outnumber the losers, bulls are dominant. This metric gauges the risk appetite of one marshmallow trader. These are pure intraday traders. The Nifty logged bigger losses last week, and so did the advance-decline ratio. At 0.75 (prior week 1.03), it shows 75 gaining stocks for every 100 losing stocks. For a sustained bull market, we need this ratio to stay above 1.0 reading sustainably. Watch this metric keenly on your terminal screen this week. A tutorial video on the Marshmallow theory in trading is here. The second chart I share is the market-wide position limits. This measures the amount of exposure utilised by traders in the derivatives (F&O) space as a component of the total exposure allowed by the regulator. This metric gauges the risk appetite of two marshmallow traders. These are deep-pocketed, high-conviction traders who roll over their trades to the next session. The MWPL reading rose routinely in the second week after expiry, but it is below the commensurate week last month. That tells me traders were optimistic but waiting for the next guy to buy before buying themselves. This hesitation is not good news for bulls. Follow-up buying must emerge forcefully and fast. Until then, the markets may consolidate further. A dedicated tutorial video on how to interpret MWPL data in more ways than one is available here. The third chart I share is my in-house indicator, 'impetus.' It measures the force in any price move. Last week, both indices fell, but the impetus readings fell, too. That tells us the fall was more due to a lack of aggressive buying rather than big-ticket selling. While it is just a minor comfort, it should be remembered that inactivity and illiquidity can gradually push markets lower over sustained periods of time. It is like slow poison. Ideally, prices and impetus must rise together to indicate a sustainable upthrust. The final chart I share is my in-house indicator, 'LWTD.' It computes lift, weight, thrust and drag encountered by any security. These are four forces that any powered aircraft faces during flight, so applying them to traded securities helps a trader estimate prevalent sentiments. While the Nifty 50 slipped last week, the LWTD reading was mildly higher at 0.03 (prior week -0.04). That tells us there may be a possibility of mild improvement in fresh buying and/or short covering this week. Short covering can cushion declines or even trigger a brief rally, but it takes aggressive fresh buying to trigger a bull market. A tutorial video on interpreting the LWTD indicator is here. Nifty's verdict The weekly Japanese candlestick chart shows a fall for the second week in a row. That tells us buying must be proactive to get the fence-sitters to the buy side again. The price remains comfortably above the 25-week moving average, which is a proxy for the six-month holding cost of an average investor. So, the medium-term outlook remains optimistic even now. Follow-up buying must be seen to trigger short-covering cum fresh buying. Last week, I advocated support at the 25,250 level, which was violated. That means it will take a lot more buying effort to absorb the selling pressure from short-term nervous bulls seeking an exit. Because of this, the 25,750 resistance assumes increased importance. Conversely, if the rally is to resume in the near term, bulls must defend the 24,800 level in case of declines. Your call to action – Watch the 24,800 level as near-term support. Only a breakout above the 25,750 level raises the possibility of the bull market resuming. Last week, I estimated ranges between 58,450 – 55,625 and 26,075 – 24,825 on the Bank Nifty and Nifty, respectively. Both indices traded within their specified resistance levels. This week, I estimate ranges between 58,075 – 55,450 and 25,750 – 24,550 on the Bank Nifty and Nifty, respectively. Trade light with strict stop losses. Avoid trading counters with spreads wider than 8 ticks. Have a profitable week. Vijay L. Bhambwani Vijay is the CEO a proprietary trading firm. He tweets at @vijaybhambwani.
