TO GET LIVE MARKET FUTURE OPTION CALLS FILL UP UR DETAILS HERE>>>
The market participants would keep an eye on the RBI’s monetary policy (on June 6th) as it would provide further direction to the markets. While a rate cut cannot be ruled out, we don’t expect any aggressive cut and believe that the RBI would await more data on monsoon progress and inflation. Nifty formed a Spinning Top followed by a Hanging Man candle on the daily scale, which indicated that it has hurdles at higher end of the trading range. Now it has to hold the 12000 level to witness an upward move towards 12200 and then 12300 levels, whiles supports are seen at 11900 and then 11800 levels. Tomorrow market will be closed on accounts of EID.
More about intraday tips on Google +
Market ended Tuesday's
session in red ahead of Reserve Bank of India's monetary policy decision due on
Thursday, At close, the Sensex was down 184 points at 40083, while Nifty was
down 66 points at 12021. The pressure on the Reserve Bank of India (RBI) to cut
interest rates this week has mounted dramatically, considering the 20-quarter
slowest headline GDP growth of 5.8% in 4Q FY19 and the headline inflation at
sub-3%. Whether the RBI should complement it further with liquidity-easing
measures is also debated. In the absence of fiscal space to boost the economy,
the RBI is expected to maintain a delicate balance between short-term relief
and long-term strategy. We continue to maintain our
cautious stance on
the markets at
higher levels in the near term. The market participants would keep an eye on the RBI’s monetary policy (on June 6th) as it would provide further direction to the markets. While a rate cut cannot be ruled out, we don’t expect any aggressive cut and believe that the RBI would await more data on monsoon progress and inflation. Nifty formed a Spinning Top followed by a Hanging Man candle on the daily scale, which indicated that it has hurdles at higher end of the trading range. Now it has to hold the 12000 level to witness an upward move towards 12200 and then 12300 levels, whiles supports are seen at 11900 and then 11800 levels. Tomorrow market will be closed on accounts of EID.
More about intraday tips on Google +
Resistance: 12200, 12300
Support: 11900, 11800
No comments:
Post a Comment