DAILY TECHNICAL VIEW
Date:- 5th August 2022
Nifty:- Jone of Arc, Parabolic hurdle!
Nifty bulls continue to make roads and hit close to the vital 17500 before getting a near two percent intra-day decline yesterday. That`s the best bears could squeeze in recent times. The quick recovery unfolded across all financial markets on reported or telegraphed expectation RBI wont rise after today`s meeting and would keep local consideration more than international events. Rupee appreciated from the days low, bonds yields soften, one year OIS softens gets filtered to the equity bounce. The up move has been parabolic to say the least and bears dont have a chance unless they break 16800 on close basis which is far away. Till then it is only expectation of corrective moves. For the bears best range is 17080-17480. For the bulls 17150-17550. Not much to lean either way till the consolidation or resolution is over.
NIFTY BANK:- Bulls “Das” Day out!
Bank nifty bulls remained volatile confirming the top heavy around the 38 K mark. Bank nifty is the lead in terms of start of the larger uptrend and thus makes important statement on turns and corrections. With MPC decision day it is more or less well telegraphed either 35 and data dependency which will always be transitory, or a 50 and done for now approach. As long as this approach is Corporate first and common man next equity markets would bound to cheer in the near term. Inflation is grossly underestimated animal and hopefully it remains muted related to the historical highs. On the five hourly chart there is trend line break and coming around the 38 K assumes significance. Any rise in the morning can be sold with stops of yesterday high with profit taking of yesterday low can be a fair play with minimal size.
@sribhashyam65 – Trading View – sreebhashyam www.quantumtrends.co.in
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