NIFTY: Adhoc Optimism?
It is almost two weeks, dismay or miss it the way is the one take away.
Those who did nothing are still the best lot. Those who chose to chase have no regrets so far.
Not all have gone up, spaces where the establishment, telegraphed have gone higher and higher.
From the banking space, there is shift from PSU to large cap, healthy rotation?
RBA kept the rates stable, German and US confidence continues to drop, but the markets move up.
US Retail sales lower, dollar does not blink, manufacturing in May prints a surprise rise. Japan trade balance remains around the expected lines. Dollar taking a breather, giving its gains around the 105.80 handle. Disappointment to the hardcore dollar bulls of its inability to pass the 106.00 test.
GBP inflation number later in the day and host of other data. At least three central bankers meet tomorrow for interest rates, Brazil UK and Swiss.
Our markets continue to pounce on the backdrop of rotation and resilience. There are very minor signs of concerns, that too can pass is the expectations.
Volume is the concern from the graphs, higher prices but declining volume, one has to wait and see how it resolves.
Bigger frames 22800 gets the new base tag, while 23400 as the short-term base.
New zone of price action, new lines drawn, new expectations built.
Though looks adhoc, advances remain in place.
Support 23480-22420-22380
Supply 23580-23630-23700
Those who did nothing are still the best lot. Those who chose to chase have no regrets so far.
Not all have gone up, spaces where the establishment, telegraphed have gone higher and higher.
From the banking space, there is shift from PSU to large cap, healthy rotation?
RBA kept the rates stable, German and US confidence continues to drop, but the markets move up.
US Retail sales lower, dollar does not blink, manufacturing in May prints a surprise rise. Japan trade balance remains around the expected lines. Dollar taking a breather, giving its gains around the 105.80 handle. Disappointment to the hardcore dollar bulls of its inability to pass the 106.00 test.
GBP inflation number later in the day and host of other data. At least three central bankers meet tomorrow for interest rates, Brazil UK and Swiss.
Our markets continue to pounce on the backdrop of rotation and resilience. There are very minor signs of concerns, that too can pass is the expectations.
Volume is the concern from the graphs, higher prices but declining volume, one has to wait and see how it resolves.
Bigger frames 22800 gets the new base tag, while 23400 as the short-term base.
New zone of price action, new lines drawn, new expectations built.
Though looks adhoc, advances remain in place.
Support 23480-22420-22380
Supply 23580-23630-23700
TA Primer ping me on +96895753093 +918106170817 details @sribhashyam65 twitter handle
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