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MARKET TREND FOR TODAY
The Markets had a robust session as it opened with a gap up opening, remained in positive rising trajectory and also ended the day with robust gains at 5199.80, posting gains of 99.95 points or 1.96%.
For today, expect a moderately positive opening again and expect the Markets to positively consolidate ahead of RBI Policy Announcements. The Markets shall open positive and then it is expected to move in a capped range and then react to the RBI Announcements.
For today, the levels of 5230 and 5265 are expected to act as immediate resistance.
The RSI--Relative Strength Index on the Daily Chart is 52.77 and it shows no negative divergence or failure swings. The Daily MACD still continues to trade below its signal line.
The NIFTY and Stock futures have continued to add the Open Interest, signifying continuation of long positions and no significant squaring off activities were seen.
Today, over 90% of the surveyed participants expect no cuts in Repo Rates. However, 25 bps of CRR cut is expected. There is less negative danger on the sentiment as the Markets shall go in with no expectations about rate cuts, but even a minor cut would be a positive surprise.
All and all, some consolidation would be seen around these levels and some knee-jerk reactions too may be seen. Overall, it is advised to continue with the current positions and selectively make purchases in case of any profit taking bouts. Shorts still should be avoided. Overall, positive optimism is advised for today.
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MARKET TREND FOR TODAY
The Markets had a robust session as it opened with a gap up opening, remained in positive rising trajectory and also ended the day with robust gains at 5199.80, posting gains of 99.95 points or 1.96%.
For today, expect a moderately positive opening again and expect the Markets to positively consolidate ahead of RBI Policy Announcements. The Markets shall open positive and then it is expected to move in a capped range and then react to the RBI Announcements.
For today, the levels of 5230 and 5265 are expected to act as immediate resistance.
The RSI--Relative Strength Index on the Daily Chart is 52.77 and it shows no negative divergence or failure swings. The Daily MACD still continues to trade below its signal line.
The NIFTY and Stock futures have continued to add the Open Interest, signifying continuation of long positions and no significant squaring off activities were seen.
Today, over 90% of the surveyed participants expect no cuts in Repo Rates. However, 25 bps of CRR cut is expected. There is less negative danger on the sentiment as the Markets shall go in with no expectations about rate cuts, but even a minor cut would be a positive surprise.
All and all, some consolidation would be seen around these levels and some knee-jerk reactions too may be seen. Overall, it is advised to continue with the current positions and selectively make purchases in case of any profit taking bouts. Shorts still should be avoided. Overall, positive optimism is advised for today.
Milan Vaishnav,
Consulting Technical Analyst,
+91-98250-16331
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