Wednesday, September 05, 2012

Nifty - On Trend Line Support

Dear All,

Bank Stocks are the more Beaten up Stocks in todays Trade.

I hope every one remember what i have given on weekly Update for Bank Nifty and Axis Bank, Click the below Link so see the same

Nifty cant sustain above 5239 due to weakness in Bank Stocks and Metal Stocks. Losing scope for CRR cut, Fitch and Morgan downgraded Indian Banks - hit the street.

HSBC PMI index rose to 55.0 in August form 54.2 in July failed to cheer the market.

Trend line Support - if Breaks may be a real damage to Bulls, if Holds then a relief rally possible. Today Night ECB meet may decide the trend for tomorrow. Lets wait and see. Cheers