SUMMARY:- GLOBAL UPDATE *US mkt saw short-covering after good consumer and retail sale confidence *remember great the sales easier to hike interest rate *double edge sword *fed speakers used their words to remove market fears of 100 basis hike *fed fund rate forecast came down drastically from 82% to 40% also caused short-covering *as per our expectation dollar index did manage to cool down a little from 109.3 to 107.75 *usd/inr cooled down from 80.2 to 79.7 *Biden meeting with saudi to increase production has failed *metals are going more down *India is in a sweet spot as compared to the world in terms of inflation *weekend there was a major news of china real estate mortgage crisis *chineese people boycotting mortgage payments *crisis are estimated to be upto 9 trillion dollars *still record short-holders in s&p 500 and record buying in dollar long only funds *markets will react with to hdfc bank results also
NIFTY CHART UPDATE *one thing which is evident in the market is that it is factoring all bad news *bottoms are rising we expect one more time market to test 15200 *but if market is resilient and is not willing to come down *thought these move comes on low volumes its better to wait for swing high to break *we want a close above 16420 on closing basis this will open up a move towards 16730-16780 *so dont be afraid to miss out in a rally by 200 points *on downside a close below 15800 is achieved then fresh shorts can enter the system *so wait and watch approach unitl market sustains above or below the levels mentioned
NIFTY SUPPORT 15940-15830-15670 NIFTY RESISTANCE 15260-15420-16500
"BANKNIFTY UPDATE LATER TODAY" "NEED TO SEE REACTION ON HDFC BANK"
HIDDEN LEVEL -WATCH OUT FOR TRENDLINE BREAKOUT OR BREAKDOWN -CLEARLY VISIBLE IN CHART
Comment
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NIFTY RESISTANCE 15260-15420-16500 is NIFTY RESISTANCE 16260-16420-16500
Trade closed: target reached
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market is opening beyond the resistance level
Comment
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US MKT UPDATE DOULBE BOTTOM PATTERN BREAKOUT IN 3 INDICIES