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.
I'm not a SEBI Registered Investment Advisor. Above Views are only for Educational Purpose. Equity, Commodity & Currency Trading has large potential rewards, but also Large Potential Risk. You must be aware of the risk and willing to accept them in order to invest in the markets. Don't trade with the money you can't afford to lose. This page is neither a solicitation nor an offer to acquire/sell any script. Please consult your financial advisor to take appropriate investments as per your risk profile. The past performance of any investments is not an indication for future returns.