Tuesday, October 29, 2013

Flat to positive opening is expected-RBI policy day

Flat to positive opening is expected …traders are booking profit since last 6- 7 sessions may continue today also . RBI Governor Mr  Raghu Ram Rajan will announce RBI policy and out look on GDP  will dictate market direction … restrictions   …The wholesale price (WPI) and consumer price inflation, both, accelerated in September 2013. WPI inflation accelerated to 6.46% in September 2013, from 6.1% in August 2013. The annual rate of inflation based on the combined consumer price index (CPI) for urban and rural India rose 9.84% in September 2013, from 9.52% in August 2013.every one is expecting 25 to 50 basis points rate increase to tame inflation but if status quo will be there then ??? will bank nifty and nifty shoots up ? Technically charts are supporting bears have a look at nifty eod chart .


NIFTY_Daily_28-10-2013


Bank nifty eod chart is showing bearish engulfing candle after 3  4 days range bound trading .


BANKNIFTY_Daily_28-10-2013


Trade in Nifty Futures as per these levels

Buy at / above: 6126   Targets: 6144 – 6159 – 6178 – 6198-6218
Stoploss : 6103
Sell at / below: 6103   Targets: 6086 – 6067 – 6048 – 6028-6003-5956
Stoploss : 6126


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Flat to positive opening is expected-RBI policy day

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