Bank Nifty - The hike that is in pause

Aug 16, 2022

Bank Nifty bulls hold near the high, but approaching or already in a space of low oxygen. That is around the 39500. It is almost 51 years back on 15/8/1971 the Gold Standard was abandoned and viewed from this perspective dollar has more room to capture. This is quite significant. With China on Rate cutting spree and US on rate hike (it is more or less Asia Vs US), the currency space is to be watched with keen interest. Will this filters and pushes the aggressive bulls on the back foot is to be seen. We have our own Whole Sale Price Inflation due and that would be piece of information markets would be keen to process. Bears dont have a chance to pounce, it is only the bulls taking profits at higher area. 38300 is the new base while 39500 attracts. Supports 38880-38750-38600, supply 39300-39450-39580.