Nifty bank as expected failed on the altitude so far profit taking effort. On the daily graphs (PIP in the Chart), we have truncated dark cloud pattern, potential wedge on the fold. Short frames 75 min shows an evening star. Nifty hanging man. Usually when the bank nifty shows weakness nifty follows. Friday nifty was held by the IT and that cues one's again looks clouded as we see the overseas clues. China has been in and out of the news. RRR cut was positive over the weekend, reportedly resistance on the ground to the COVID policy pushing back the hopes of full fledged open of the Chinese Economy. Crude Oil is the first to sense the moves. Today's financial market actions confirms a) yields fall b) JPY rise risk off signs c) dollar up move (safe heaven) d) equity softer again risk off e) Chinese Yuan weak open. Caution is the word here for us as we wait for our policy later next week. 42800-43300 is the range with bias tad to the down side led by the profit taking bulls.
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