This is my view on Nifty.. Hope it will be helpful to take trade in the direction of the index.
April IIP data came at 4.9% and CPI inflation rises to 4.87%. During last 30 mins market seems like cheering up the IIP data.
The RBI last week has raised its benchmark interest rate for the first time since 2014, by 25 bps to 6.25%, citing inflation concerns.
All eyes on FED policy now !
Lets go to Chart and see what its saying :
A.Below is the Hourly Chart of Nifty –
- Line Chart – Negative Divergence seen
- Candlestick Chart – Rising Wedge
B.Below is the Daily Chart of Nifty –
So Nifty is nearing resistance zone of 10900-11000 ! We have to wait for the confirmation of the trade. Need a Bullish Bar above 10850 to initiate the long trade or Bearish Bar below 10800 to initiate the short trade.