Jannet Yellen and Raghuram Rajan Speeches turn the market to give a relief rally. Thursday market gain, followed by sell off on late afternoon, shows weakness of the bull. Market may trade in green for some time due to over sold, though the situation remains as a "Sel-on-Rise" Only.
We have some changes on counts in Nifty and Bank Nifty as it breaks some important support and patterns. High volatile made stocks to jitter due to result season. Most PSU Bank suffered from NPA's and incurred sell off. Inflation is not encouraging and RBI's face getting more blackish shows that it may also hike further CRR in days to come.
On the Political front 4 states election out come may also decide market trend as the biggest parties see this as a 'Mini Parliament' Election.
Lets move on to technicals..
>>> Nifty Daily - As Updated Last Weekly Review <<<
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Last week mentioned that 6100 or trend line as an important support.
>>> Happened and Yet to <<<
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Broken the trend line and seems like nifty turning bearish. 50 dma gave support and Trend line acts as a resistance. These two may decide the next move.
>>> Nifty Hourly <<<
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6040 and 6130 act as a resistance for Nifty. If these levels unable to cross may invite sell off.
>>> Bank Nifty - As Updated on 01st Nov, 2013 <<<
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Wrote on 01st Nov, 2013, that how the trend line is important for bulls to cross. All of us know what happened..
>>> Happened and Yet to <<<
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As expected Bank nifty failed to cross the resistance line and confirmed the end of Wave B. Now Wave C started on the downside.
>>> Bank Nifty - Hourly <<<
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Now Bank nifty on a corrective upmove, facing resistance at 10917 or 11230. Sell on rise advisable. Unless there is a meaning full break out, Bank Nifty remains on the bear side.
>>> PERFORMANCE <<<
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