- U.S Markets closed higher on Friday.
- Asian Markets are higher currently.
- Dow Futures are slightly down.
- SGX Nifty is Trading at 17380.
- SGX Nifty hit 17400 on Friday.
- I had mentioned on Friday to focus on Nifty and not Bank Nifty , Purely because of IT stocks outperformance.
- Reliance news came out of nowhere and it closed 4% higher.
- This move according to me shouldn't be taken lightly.
- Reliance from 2380 went to 1880 and now it's back again at all time highs.
- Reliance has the highest weightage in Nifty and if Reliance goes 10-15% higher from here.
- 18000 targets on Nifty open up.
- Bank Nifty on the other hand continues to underperform.
- Nifty by itself with the help of IT and Reliance is gaining momentum.
- Bank Nifty will participate in bits and pieces but not in the same order as Nifty.
- 17500 targets on Nifty are in sight now.
- 17200-17150 are strong support zones for Nifty.
- We are trading at all time highs so there are no resistances for the Market.
- Hence there is non stop rally.
- Friday as well Nifty gave a 100 Point dip Intraday close to 17200.
- These dips should be bought into.
- Not advisable to chase the Market after gap up.
- Wait for 60-100 Points dip and accumulate long Positions with Trailing stoploss of 17200 for a very short term.
- Nifty might Trade between 17260 to 17480 today.
- stockmarketadvisory.in
U.S Markets closed higher yesterday. Asian markets are higher. SGX nifty is up 150 points. Yesterday was a very tricky and unexpected session. As soon as Market opened there was a continuous selling. Market was falling left , right and center without taking any support. I was wondering why is the Market going against the global cues Then we got the news about RBI Governer press conference. So some informed people already knew about this rate hike. Hence there was a sudden selling in the markets. RBI hiked repo rate by 40 basis points and Cash Reverse ratio by 50 basis points. Repo rate is the rate at which banks borrow money from RBI. When the rate is increased banks borrow money at higher cost and in turn loans also get costlier. This slows down the growth and liquidity in the Market temporarily. Cash reserve ratio is the interest free deposit money which banks have to keep with RBI. RBI uses that money without having to pay any interest on it. Increasing CRR means RBI is
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