17 December 2012

MARKET EYE RBI CREDIT POLICY 18 DEC 2012


Sell Bank  Nifty 12500 call Near 180 Tg 125,95 sl 210

Index hit fresh intraday low 5852  in afternoon trade after the government lowered its official growth forecast to between 5.7% and 5.9% for this fiscal year. Market is eying  to  Reserve Bank of India's Credit Policy review scheduled on Tuesday but  it  may not offer any surprise. Pls avoid taking fresh long postitions in Bank Nifty Options,although writing options with suitable stop loss can be good Bet.

Nifty opened near 5860 but could not  sustained this level and witnessed range bound movement throughout the day and ended at 5856.
The Nifty looks well set for another gap up opening  morning near 5900. Initially, we need to monitor the price movement around the first key price zone between 5920 and 5940 if the index stays above 5940 on sustained basis then we can expect it to climb higher.

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RESISTANCE:5920 5940, 5980
SUPPORT      :5880, 5850, 5830

1 comment:

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