NIFTY
Bears dominate, dominate as they should. Vibrant Gujarat brings rally in the two richest Indian companies both vying for the honours.
Bears could not hold the grip, Reliance meets the Lakshmana Rekha and pulls many along with it.
Optically bearish, optimistically bullish remains one word to describe.
Nikki punches further up, Dow closes teasingly higher, Europe in the middle with no clear sings. China is less said than better.
Crude inventories rise, price softness, but the basing continues. Japan for sure is not an indicator of equity bull or bear as most of the financial market’s assets are held by BOJ. Ditto, what happen in HKG does not affect elsewhere, though momentary borrowing is what one can expect.
South Korea unemployment continues at low, some positive as well as negative to take. Markets are euphoric on the fiscal expenditure while, concerns on corporate disclosures of cash can have impact on few places. Clearly money is moving to the heavy weights, that does not reveal the story underline. Draw the big picture, move steps towards that is an attempt in eternity. Today is no exception.
Big day of US Inflation Job less claims, Tom China then ours. Calm before Strom? Crypto space is interesting to watch, despite the accusations of compromise in declaring the ETF, JP comments calling it again in his usual style, this space reasonably played well, or will it fold?
Start of the results, INFY to hit today as well as TCS. INDUS IND and Bajaj Consumer in another financial sector. More than the results, reaction to the results is what one seeks for!
On the daily 10 trading days, zero movement is the sum of the story. Action from the mid Bollinger band and strong support around 21480 is the take aways for the bulls. Bears suddenly look living on edge, so this week high is the point of no debate for them. Selective, yes many on either side to navigate.
Hourly close above 21680 punctures bears hopes, while close above 21780 opens for one more high before failure. A direct break and close below 21530 is needed for the bears! Looks tough task for the day.
NIFTYBANK
Mandir, Modi, Maldives, Mumkin, New Moon, then comes the weekend.
What is important is glean is the Money Supply M3 which stood at 10.9% relatively lower than previous but near 1 per centage points. It is projected to grow towards 250000 from 240000 in 2025.
Easy financial conditions across the globe despite the series of rate cut continue to worry the central banks as that can either fuel incoming inflation or the re-visit. This aspect alone will lead to verbal cuts than actual cuts, so markets would focus more on results and temper their rate cut expectations as we navigate before the next Central Bank meeting.
It it fall and fall towards the lower end, then the rise. All textbooks, for those who follow 1 minute graph it is all but volatility. Volatility can thus be defined, what we are not prepared to measure, simple reason that is out of our expectation.
The price action took support on the LBB, no quick action to move inside the triangle drawn would do lot of good (probability is 50/50).
Suffice to stay boxed 47000-47600 ahead of vital week.