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Monetarypolicy

Closely watching HDFC BANKNSE:HDFCBANK From this weekly chart of HDFC Bank we could see how the stock has been consolidating within the tight range of 1590 - 1650( yellow lines) The stock is just 6% - 7% away from its all-time high. So I will be watching this tight range ( expecting a breakout) considering support for bank nifty at the 42850 - 42700 level. Apart from technical aspects, it is important to closely watch the monetary policy for tomorrow. The market expects a 25 - 35 points hike. *Analysis is completely for educational purposes and not any kind of stock recommendation.
NSE:HDFCBANKLong
by RamRaju61968
GBPUSD breaks 1.1290 support ahead of BOE announcementsGBPUSD renews 37-year low, breaking four-month-old support line and 61.8% Fibonacci Expansion (FE) of the GBPUSD pair’s moves between August 17 and September 13, close to 1.1290, as traders await the Bank of England’s (BOE) monetary policy updates. Though the cable pair broke the nearby key support, now resistance around 1.1290, oversold RSI conditions and a likely positive surprise from the “Old Lady”, as the BOE is popularly known, tease the Cable pair buyers. In that case, the 5-DMA and a six-week-old resistance line, respectively around 1.1410 and 1.1560, could challenge the bulls. Following that, a one-month-long horizontal resistance area will precede the 50-DMA to restrict the quote’s further upside around 1.1740 and 1.1845 in that order. Alternatively, the 78.6% Fibonacci Expansion (FE) level near 1.1160 lures the GBPUSD bears unless it stays below 1.1290. In a case where the Cable pair drops below 1.1160, the odds of witnessing a slump towards the 1.1000 psychological magnet can’t be ruled out. Overall, GBPUSD seemed to have a little downside room ahead of the anticipated hawkish BOE.
by MTradingGlobal