Monday, October 29, 2012

Bank Nifty - Monetary Policy Special

Dear All,

As lot of news started roaming around the Channels about Monetary Policy, followed by RBI's GDP forecast from 6.5% to 5.7%, many started taking about a big gap down opening tomorrow. So it becomes necessary for me to find out whats happening in Bank Nifty too.

>Click the Chart to see in full screen<

Above Bank Nifty Chart - it seems like its still on B Wave, as I feel its like a Raising Wedge in a a-b-c-d-e. I feel like one more raise is pending till 11740 that it may make a double top or even go above it before a good fall.

I may be wrong, if Bank Nifty opens in a gap down. But if breaks below 11420 then only a Fall is confirmed. Else any time Bank Nifty may shoot up.

Lets see. Cheers!!!

Nifty - Still Kept Guessing

Dear All,

Nifty kept every one guessing, gone no where stayed inside the gates between 5720 and 5636. So the levels again getting importance as RBI set to announce its Monetary Policy tomorrow.

RBI continuously fought inflation with 13 successive rate hikes till October 2011, the last rate hike was exactly a year ago, while Govt trying to reduce its fiscal deficit by increasing diesel,Petrol and Gas prices.

While Fuel price hike has spurted Inflation to 7.81% in September, its getting more important to look after the Monetary Policy tomorrow. Almost all Banks are struggling for Funds and crying to RBI to cut Rates, due to slowdown in their Loan growth and increasing Bad Assets, High voltage of pressure mounts on RBI to cut rates.

So what MR. Subbao Rao going to do tomorrow, shall decide the trend in forth coming days.


>Click the Chart to see on full screen<


Many more alternative counts has been given on last 3 weeks, as Nifty kept us guess like these. Here is one more. B wave has been ended with a-b-c-d-e as a triagle,and C wave started as shown on chart.

But again 5636 or 5720 should give us a clear trend. Lets see.