One more day, one more loss "of words". Since start of this year, bulls and bears share the honours, with turns and twists, that includes gap up and down, large candles, large wicks, you name it you got it.
Yesterday moves remain the icing on the cake. This stems from the larger negative cues, domestic volatile moves, VIX on the rise. One more time Gift Nifty cues are curse more than the Gift!
Political moves from Nitin shifting different parties to stay as is where is, memes floating instead of U turn, Nitish Turn. Markets continue to do that. Will that mean we have down day today? Nothing is assured, today being an expiry day, anything is possible.
The reason for the sharp up move is our WPI numbers that comes negative, which shook the NIFTYBANK and then lifts the entire boat.
Global markets also recover, Japan data this morning is softer, inflation numbers from UK also comes on the slower path. In addition, comments from FED officials one data should not lead any one to conclude, markets latch this as acceptance that inflation remains on the slippery path.
However, dollar and yields remain elevated.
The PIP graph is intra-day just near the dropping trend line. Ideally, the follow through action is higher that can push closer to 22000 handle. Question is will we print that and fall next or we stay higher and longer. The only clear print so far is the base around the 21500 that looks stronger than anything else. Resistance may come and go, base remains.
Neutrality best describes where we are now, hence one needs to see how we negotiate today or more closely this week. Yesterday, move takes sheen about the extreme downside scope.
Intra-day 21780-21950 should be decent enough to negotiate, daily close below 21730 if any, brings caution to the table.
Yesterday moves remain the icing on the cake. This stems from the larger negative cues, domestic volatile moves, VIX on the rise. One more time Gift Nifty cues are curse more than the Gift!
Political moves from Nitin shifting different parties to stay as is where is, memes floating instead of U turn, Nitish Turn. Markets continue to do that. Will that mean we have down day today? Nothing is assured, today being an expiry day, anything is possible.
The reason for the sharp up move is our WPI numbers that comes negative, which shook the NIFTYBANK and then lifts the entire boat.
Global markets also recover, Japan data this morning is softer, inflation numbers from UK also comes on the slower path. In addition, comments from FED officials one data should not lead any one to conclude, markets latch this as acceptance that inflation remains on the slippery path.
However, dollar and yields remain elevated.
The PIP graph is intra-day just near the dropping trend line. Ideally, the follow through action is higher that can push closer to 22000 handle. Question is will we print that and fall next or we stay higher and longer. The only clear print so far is the base around the 21500 that looks stronger than anything else. Resistance may come and go, base remains.
Neutrality best describes where we are now, hence one needs to see how we negotiate today or more closely this week. Yesterday, move takes sheen about the extreme downside scope.
Intra-day 21780-21950 should be decent enough to negotiate, daily close below 21730 if any, brings caution to the table.
TA Primer ping me on +96895753093 +918106170817 details @sribhashyam65 twitter handle