Nifty Spot Price : 4524
Markets as expected are very volatile and Nifty is hovering in range of 4400-4540. Don't get very bullish by today's relief rally or technical bounceback and be prepared to see lower levels. Nifty at 4200-4240 seems distinct probability and aggressive traders can take the risk of shorting Nifty around 4560-4600. Currently Nifty has strong resistance at 4540 which nifty tried to broke for the past three days and fails.
Domestically, today RBI hiked the repo rates by 25bps and gave signal of further rate hikes and CRR hike. Friday Inflation numbers are also coming which may dampen the spirits of Bulls.
Domestically, today RBI hiked the repo rates by 25bps and gave signal of further rate hikes and CRR hike. Friday Inflation numbers are also coming which may dampen the spirits of Bulls.
Globally Oil is again boilig around $138 today, and that may hammer the markets tommorow or on Friday. Oil prices soar to near $137 a barrel after Energy Department reports falling supplies. DOW is all set to break 12000 in near term and also can reach more lower levels. Oil may give spikes and touch $160, so that will be gloomy for global markets.
Considering this Sensex can fall to 14000 levels in near future. So in such uncertainity it is better not to commit all your capital at one shot, instead Buy in staggered fashion so that you get hold of some Blue chips at good prices.
Still Nifty ADX indicator is keep increasing as we said in our last Nifty View Nifty and ADX Indicator.
If we fails to close above 4536 then 4200 is soon on the cards.
See you Nifty at 4200 !!!
