While monsoon plays big on the inflation and economy, its influence over the years is blunted. Did place a piece on the seasonal impact some time back. However, the smaller structure of bank nifty suggests we are in wave three of smaller degree than to worry on the EL-NINO. This clearly suggests bulls to aid than to the bears. Banks have been underdogs globally, but there they are the lead sector to the total Index. 40700 is strong base and bulls probably will wait for this expiry before taking it higher. Suffice a long side bias than a short side bias to navigate. With BOJ sounding continued YCC control, this morning China almost a deflation tone, Asia looks different, while West is facing the inflation brunt or at least at the end of it. One world two inflation set-up, one move in the equity market. For the day 40650-41150 ideally should work.
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