SBI punches its best performance, stands still, holds, but broader indices close red once again.
Economic data comes mixed, and markets are not going to focus for some time on this.
PSU Banks on the 14 year supply line, not all of them but many of them. Weaker spots continue on heavy weights like HDFC, no where to go! roam around.
SBI lone warrior, along with it couple of them. However, individual spaces look attractive from big picture point of view any further erosion. The question is how further, or if there is any further.
NIFTY looks for more corrective fall, as part of the big picture, will BANKNIFTY stand aside? Both need to talk to each other for any secular move either side. A one day diversion is very much in order.
From the channel pencilled in, the price action in recent times is below the mid of the channel, that is the cause for worry, that price may try the lower end of the channel than other wise, very much in order.
But how deep, how sharp is one has to wait and see, if and when it unfolds. This index has the inbuilt habit of reversal from extremes, regardless of the technical set-up, but then, are we near the extreme is the first question to pose.
Supports 47200-46880-46400
Supply 47800-48150-48350
Economic data comes mixed, and markets are not going to focus for some time on this.
PSU Banks on the 14 year supply line, not all of them but many of them. Weaker spots continue on heavy weights like HDFC, no where to go! roam around.
SBI lone warrior, along with it couple of them. However, individual spaces look attractive from big picture point of view any further erosion. The question is how further, or if there is any further.
NIFTY looks for more corrective fall, as part of the big picture, will BANKNIFTY stand aside? Both need to talk to each other for any secular move either side. A one day diversion is very much in order.
From the channel pencilled in, the price action in recent times is below the mid of the channel, that is the cause for worry, that price may try the lower end of the channel than other wise, very much in order.
But how deep, how sharp is one has to wait and see, if and when it unfolds. This index has the inbuilt habit of reversal from extremes, regardless of the technical set-up, but then, are we near the extreme is the first question to pose.
Supports 47200-46880-46400
Supply 47800-48150-48350
TA Primer ping me on +96895753093 +918106170817 details @sribhashyam65 twitter handle