Markets took a U- turn today, on the back of strong buying in the frontline stocks. Short sellers were forced to cover their shorts helped the markets to a certain extent. Global markets were also in the green helped the sentiments to improve.
Credit rating agency Moody’s said in its latest Credit Outlook report released on Monday that the government’s latest plan to revive the stranded gas-based power generation capacity through imports will help save $16 billion worth of investments and banks including IDBI, State Bank of India (SBI) and ICICI are set to be the biggest beneficiaries of the plan.
"China' stocks surged to yet another year-to-date high on the back of market expectations that the PBoC might provide even more monetary policy stimulus with Governor Xiaochuan saying that 'China can have room to act'," said Rabobank strategist Piotr Matys.
Markets across eastern Europe joined the rally, with Polish and Hungarian indices adding around 1 percent, while in Russia both rouble- and dollar-denominated shares rose.
Most technical analysts are not reading too much into today's up move and sees it as more of a technical pull back rally, and till the time 8500-8520 levels on Nifty is not crossed comfortably, there is always a possibility of markets falling towards support levels.
>>> Nifty Hourly Chart - As Posted on Weekly Review <<<
>>> Click the chart to see on full screen <<<
As Per our Hourly chart given above on weekly Review - Key Resistance 8470, 8594 and 8694. See what happened today ??
>>> Nifty Hourly - Happened <<<
>>> Click the chart to see on full screen <<<
Crossed First Resistance 8470. So next Move towards 8594 and 8694.
>>> Bank Nifty Hourly Chart - As Posted on Weekly Review <<<
>>> Click the chart to see on full screen <<<
It was a clear message on weekly review that Bank Nifty on a break out mode for a good bounce. See what happened.
>>> Bank Nifty Hourly Chart - Happened <<<
>>> Click the chart to see on full screen <<<
As expected Bank Nifty too bounced strongly, So Just wait for next two targets as given on chart.
>>> ITC Hourly Chart <<<
>>> Click the chart to see on full screen <<<
Part Profit of Rs. 10,000/- so far, More rally possible. Cheers!!!
