The US Federal Reserve is almost certain to hike rates on Wednesday but that has been fully factored in by markets abroad and in the country. So, the overwhelming victory of the Bharatiya Janata Party (BJP) in the state Assembly elections would be a big boost for the rupee, though bonds will continue to be driven by other factors, said experts.
The scale of the Bharatiya Janata Party’s (BJP) victory in Uttar Pradesh may embolden the central government to push for economic and social reforms.
Experts say that the remaining two years of the current government at the centre will see bolder initiatives than even the politically risky demonetisation move. These may include labour reforms, revisiting the issue of land acquisition and improving governance.
Some experts, however, warned that investors should not get carried away, given the shaky macroeconomic backdrop, poor earnings growth and a likely interest rate hike by the US Federal Reserve later this week.
Post elections, the market will focus on bigger events lined up like Fed action on rates, monsoon, March quarter results and GST implementation. The markets have been putting behind bigger events quite faster, as was seen in Brexit and US elections
>>> Nifty Weekly Chart <<<
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So far Price unable to cross above 8990. After UP Results - SGX Nifty Rally on Monday - shows Nifty may Rally above the Key Resistance 8990. Hence our earlier counts negated and making a new count. Above weekly chart suggest a More rally possible - Provided the Daily chart also support the same - as the price was in last leg rally. So lets see whats next on daily chart also.
>>> Nifty Daily Chart <<<
>>> Click the chart to see on full screen <<<
9220 - 9240 can be the first Resistance.
>>> Nifty Hourly Chart <<<
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Many times wrote - Hourly chart so far managed to hold 100 HMA - As per above chart - Price on 5th wave and may test resistance @ 9040 - 9080 - 9120 - 9240 & 9280.
>>> Bank Nifty Daily Chart <<<
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Price may test 21200 above may travel till 22000/-
>>> Bank Nifty Hourly Chart <<<
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Hourly chart - Resistance 21090 & 21200 >>> Above may test 21430 to 21500/-
>>> Performance till 10th March, 2017 <<<
>>> Click the image to see on full screen <<<
Above performance is not a Promise or guarantee for the given Profits or Loss.Performance given based on 1 lot at a time and clients Profit differ as per the margin availability and Number of Lots taken by them. We may or may not re-enter the Calls given here hit Stop Loss, as per market movement. The charts given above are just for educational purpose only and we don't recommend any Entry / Buy or Exit / Sell. Reader must taken their own decision or consult their qualified Analyst before making any decision
