Monday, June 01, 2015

Support @ 8390 & 8365

Dear All,

>>> Nifty Hourly Chart <<<

>>> Click the chart to see on full screen <<<

As we have mentioned on our Morning message on whatsup, Nifty resisted @ 8470. Tomorrow is a event day, RBI day. Price if unable to hold 8424, then may test the support at 8390 and 8365 before a bounce.

>>> Event Day - RBI's Monetary Policy <<<

Tomorrow is a day for Bank Nifty - To decide trend of the Market also.

Q4 GDP & HSBC's India's Manufacturing PMI - encouraging and better than expected. Monsoon is likely to arrive in kerala any time soon. Hence - So far data's are in Positive zone only.

Corporate results declared so far are not good or even dis-appointing. So RBI under heavy pressure to Cut the Rate.

Lets Also see Technical view on chart...

>>> Bank Nifty Daily Chart <<<

>>> Click the chart to see on full screen <<<

Above is a Daily Chart of Bank Nifty. Today Price resisted at 100 Day Moving Average. But RSI in a clear Break out Zone, Means nothing to worry for the time being. Of course Price closed below 18645 or 38.2% retrace should be watched. Lets also see in detail in 5 Minit chart.

>>> Bank Nifty 5 Minit Chart <<<

>>> Click the chart to see on full screen <<<

Above is a 5 Minit chart for Bank Nifty. It reveals how far Price moved up inside the channel. If this analysis is not wrong, then the move should be like ABCDE or ABC-X-ABC. 18600 or 18528 or Channel may support the bulls tomorrow. Chart suggest that the correction may used to buy on dips.


>>> Click the chart to see on full screen <<<

We are long since 161 in BankBaroda. Clear break out on chart suggest more rally possible. Waiting for a good Target. Cheers!!!