DAILY NIFTY OUTLOOK(24-01-12)
With the neutral global news & hanging RBI policy SGXNIFTY has gapped up positive. This just indicates the aggressive or ferocious mood of the buyers. Conveying to price reader (ticker-tape reader) rate cut or no rate cut or whatever the RBI POLICY I have tightened the belt to move north ultimately. This does not mean that there won’t be correction, but these will be short lived & swift. Traders will benefit only by going long on dip specifically more so on any negative reaction. For the day we see 4990-5110 as the trading range, breach below 5000 will head for 4940-4960(low probability) & cross above 5110 will lead to 5180-5200(high probability).
Bank nifty has been mercurial & high beta index compared to nifty as usual. Yesterday’s pattern is slower than nifty, however we see it is a blip in strong up move. For the day we see 9400-9700 as trading range with 9900-9950 as resistance & 9150-9200 as support.
Bank nifty has been mercurial & high beta index compared to nifty as usual. Yesterday’s pattern is slower than nifty, however we see it is a blip in strong up move. For the day we see 9400-9700 as trading range with 9900-9950 as resistance & 9150-9200 as support.
We have skipped giving any recommendation due to RBI POLICY announcement.
Comments