Bulls gets their wings, broke the flag, push fast forward.
One-way street lead by the IT heavy weight, as if there is no tomorrow. The door is shut for the bears.
Investors are in blind pilot mode, 2 X in two weeks not 20% IRR in 20 Years is the expectation. Jan fear's recede, FOMO succeeds.
FAA recognises, and soon you will have blind pilots manning the bird, while at the same time the issues on Door getting opened on Mid-Air bring Boeing the problems.
Wings wants to fly, be it left wing or right wing in the politics. Taiwan Elections have not moved any needle, remain as open and shut case as ever.
RED sea is the one to watch, Another RED Sea is the Republican Caucus voting. Looks Big day in the store. Not a market mover yet.
Peaceful weekend, prayers ahead. If it is Sankranthi then it surely belongs to the bulls. Just nod and buy. Forget the cockfights big picture is one of celebration.
For the start new base moves to 21730 from 21530, intra-day 21800. Looks one more gap up. One more towards 22 K and supply around 22040-60 to hold. IT bad results is bought, good results is bought more. One has to wait and see how this shift impacts in other sectors. First causality is attention moving from Banks to IT.
NIFTYBANK
World Economic Forum 2024 begins today, and the message is "Rebuilding Trust".
In a world of conflict be it territory or the resources or the immigration, trust is the catch word.
Banking symbolises trust and thus the rebuilding of trust.
From Technical perspective, the price action is one of rebuilding the recent gains from 44500 to 48500 in the form of consolidation.
US inflation is done and dusted, the different voices from FED members is bound to be an attempt to moderate the expectations than the direction to the path. For now, not in Jan, come March is the expectation.
Supply side shocks remain concern as the RED SEA conflict on a back of the calculations lead 10 day delay in shipments. While one can fear the inflation, Japan Interest rates move below zero, while China remains source of deflation. Commodities are the one's that would give early signals.
For the day rise of IT is negative to this Index in relative terms. Despite this the near term is 47200-48200 range. A direct break and close outside of this range aids next move. Bias to the upside thought.
Intra day 47550 holds for a rise.