NIFTY now giving predictable market direction. Yesterday we said, 11630-640 support zone is important for this ally to continue.
Market first kissed 11761, which is September high. Then in second half it has fallen from peak to our support level. All due two factors, one is retails and broker mind-set, that sell at double top.
Second, News for upcoming monsoon event. So sky met a weather forecaster, told in its news, India may be see deficit rain this time due to EL-NINO.
Well, market obliged and come to support level 11640. By our assumption, closing below 11640-30 level, will open short term weakness.
But if market able to cross 11678 in opening two hour, then 11740-760 one more time possible.
If this scenario plays out, only important variable we watch is volume during current upward rally.
Well catch cash suggestion is: Don’t go into BULL trap. Stay out of NIFTY for today’s session. As volatility is high. Let market decide new direction.
BANK NIFTY DAILY REPORT 04-04-2019
BANKNIFTY is showing sign of breakout from 30200-30500 range. Due to RBI event for Thursday, it remains in tight range.
Yesterday in NIFTY selling, Bank nifty showed little reluctance to selloff. This gives clear signal BANK NIFTY like to listen RBI Governor key announcement on RATE CUT,
Supreme Court ruling, Inflation target, Policy status for further neutral to dovish stand .
Today most likely BANKNIFTY will be give breakout once RBI announces.
CATCH CASH suggestion, Wait till RBI event to play out, then make a positional Long position