Tuesday, April 16, 2013

5720 Resistance

Dear All,

>Click the chart to see on full screen <

Nifty gave a break out and passed 5620 Resistance with 120+ Points. Sudden fall in Gold / Silver and Crude Prices gave hope that the CAD (Current Account Deficit) may come down sharply where Gold and Crude was the Major portion of Import Bill.

If CAD eases, no doubt Equity market may regain strength. I hope RBI may also convinced enough to cut Rates as already Inflation also showed sign of Easing.

Friday I have posted Bank Nifty Chart and SBI - which gave break out - signaled us the same feeling that RBI may cut rates aggressively. Today's 120+ Points tells us that Bears have no more strength as Shorts are getting covered.

Nifty Resistance at 5720. Above 5720 - 5795 and 5870 should be Next. Lets See.