Nifty, the price action perfectly fails around the supply zone and descends more than what we anticipated.
At one time it looked it would end much deeper and stronger, the two-way ferocity of the move for sure to unsettle the players of all kinds, save those who did nothing.
The up move has been from all counters and not limited to any, most importantly certain sector has bounced from the range low, certain sectors have broken the recent low and created near term double bottom for example the IT.
Markets absorbed the US Inflation data, also the expectation of rate cuts in Europe decelerate, on the margin impacting the dollar moves.
This morning Chinese data prints robust Industrial production, which can be positive for Stronger trade related economies like Australia and commodities. Retail sales slag but unemployment falls. Net, no further monetary or fiscal accommodation one can expect from China.
The growing concern, if any can turn out, the relative attraction of China Vs India, is that the reason FII selling, no one knows, but it remains a fact, markets are way too pessimistic on China, while on the broader trajectory we remain on the upside on the long run.
Not much of data, weekend, Monday holiday, ideally markets should be far lacklustre than seen, save a few counters here and there. Prepare for the month end expiry than anything else.
On the graph, the up-move has been sharp and thus a tint of bear bias left, but not enough to turn much deeper. The new range is tad higher 22230-22530
At one time it looked it would end much deeper and stronger, the two-way ferocity of the move for sure to unsettle the players of all kinds, save those who did nothing.
The up move has been from all counters and not limited to any, most importantly certain sector has bounced from the range low, certain sectors have broken the recent low and created near term double bottom for example the IT.
Markets absorbed the US Inflation data, also the expectation of rate cuts in Europe decelerate, on the margin impacting the dollar moves.
This morning Chinese data prints robust Industrial production, which can be positive for Stronger trade related economies like Australia and commodities. Retail sales slag but unemployment falls. Net, no further monetary or fiscal accommodation one can expect from China.
The growing concern, if any can turn out, the relative attraction of China Vs India, is that the reason FII selling, no one knows, but it remains a fact, markets are way too pessimistic on China, while on the broader trajectory we remain on the upside on the long run.
Not much of data, weekend, Monday holiday, ideally markets should be far lacklustre than seen, save a few counters here and there. Prepare for the month end expiry than anything else.
On the graph, the up-move has been sharp and thus a tint of bear bias left, but not enough to turn much deeper. The new range is tad higher 22230-22530
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