Bulls run continued on Thursday’s trade & took the nifty above the
resistance level 10800 & finally closed at 10765. Nifty future has started
the day at 10725 and made a high of 10814 total 89 points nifty future has
moved in intraday while the Sensex gained a little over 400 points. Bank Nifty
too rose 150 points to 26517 level. A day after
the Reserve Bank hiked rates, the markets continued to rally on the relief that
an important event was now in the rear view mirror. In the policy, RBI allowed banks to spread Mark to
Market losses in investments in available for sale & held for trading
portfolio for June quarter equally over four quarters. This will give relief to
the banks which suffered heavy MTM losses due to recent spike in bond yields.
Also, RBI mentioned that credit off take is satisfactory. The rate hike will
help improving banks NIMs for future credit off take. This has led to positive
sentiment in market. The rate hike is a negative but markets are recovering due
to short-covering, since people sold off their positions at higher levels prior
to the RBI meet and are now covering their positions at lower prices.
Though we expect a positive start & the
follow-through rally to continue. The index reclaimed 10800 levels
and the next target is placed around 10,900 levels. , while support level will levels will be
at 10700 and 10650 levels.
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Resistance: 10850, 10875, 10900
Support: 10700, 10675, 10650
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