NIFTYBANK - Exciting East!
Nifty bank back to where it was a month ago, negative for the year so far.
Optically nothing much has changed, we printed out of the box GDP number, higher GST collections, robust SIP numbers. One cannot blame the PSU pack as their weightage is not that great.
Broader profit taking can be the culprit. With inflation assumed to be slowing down, the real print would come post the elections not before. The measures are meant to contain as administrative and thus the markets are not focussing. In any case, the larger picture suggests a better management.
With Bank of Japan, communicating the end of the low interest rate regime, it is clear, monetary policy would continue to be elevated. What one has to wait and see is how the liquidity will be drained by the central Bank's and that would take some more time and the devil is in detail.
Seven Days of Fall and the lower wick of yesterday coming around the LBB and previous move supports a rise first than fall first. This is also aided by the neutrality of the oscillators.
Close above 47000 pushes some hope while bears need below 46000 to assert. Recall this has been very strong support and hence this space likely to get some support. Near term frames 46300-47300 to work.
Optically nothing much has changed, we printed out of the box GDP number, higher GST collections, robust SIP numbers. One cannot blame the PSU pack as their weightage is not that great.
Broader profit taking can be the culprit. With inflation assumed to be slowing down, the real print would come post the elections not before. The measures are meant to contain as administrative and thus the markets are not focussing. In any case, the larger picture suggests a better management.
With Bank of Japan, communicating the end of the low interest rate regime, it is clear, monetary policy would continue to be elevated. What one has to wait and see is how the liquidity will be drained by the central Bank's and that would take some more time and the devil is in detail.
Seven Days of Fall and the lower wick of yesterday coming around the LBB and previous move supports a rise first than fall first. This is also aided by the neutrality of the oscillators.
Close above 47000 pushes some hope while bears need below 46000 to assert. Recall this has been very strong support and hence this space likely to get some support. Near term frames 46300-47300 to work.
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