Saturday, June 23, 2012

Nifty with RBI

RBI will announce steps to improve markets on Monday: Pranab Mukherjee.

Kolkata: Finance Minister Pranab Mukherjee on Saturday reassured that the Reserve Bank of India (RBI) will make some strategic announcements on Monday to improve the sentiment on the Dalal Street.

"The Reserve Bank will announce some measures on Monday that will improve the markets,"

Pranab said in Kolkata.

"Steps have been taken in consultation with the RBI Governor, expect announcements on Monday that will improve the market condition," Pranab added.

>>> NIFTY EOD <<<

>Click the above Thumbnail to see in Full Screen< <<>>

Nifty forming an Expanding Triangle. As I have mentioned in my last week Post, nifty need to fill a gap left in 5126 which means a possibility of hitting the top of the line as given on chart.

Since FM has announced on Saturday that RBI to announce some important steps to boost market condition, it seems nifty may try to fill the gap left above.

For the last 2 trading sessions, what ever the global market conditions, nifty able to hold 5090 successfully due to the market rumours that RBI may steps in.

Now as I have marked on chart, if the Red color line on the bottom gets broken that is 5080-5090 then there may be some selling pressure to step in.

>>>Nifty Hourly <<<

As per Hourly Chart - its seems Like Nifty has done a a-b-c Last friday and completed C(2) - Now on Monday or in Coming days if 5190 is very crucial - if breaks then these counts becomes Invalid.