Nifty & Bank Nifty Update & Market Update
Nifty 50
Nifty is looking extremely bullish on charts and all the indicators suggest that a rally is waiting ahead.With positive momentum provided by the Moody's upgrade of rating for India after a gap of 13 years a positive sentiments among foreign investors and domestics investors has taken place and this rating will enable easy lending of loan by IMF and other monetary agency for granting loans to Indian institutions which will speed up the much nedded impending infrastructure and banking sector boost.With more stimulus provided by the Indian government in the form of reforms like GST a confidence is building surely for investment in Indian markets.Nifty is looking good on charts and every dip should be used as an buying opportunity for short term to medium term basis if one is looking for appreciation of wealth.Most of the analyst polls suggest that Nifty is likely to breach its all time high again and may test 10500--10800 by the end of this year.One should maintain caution for events like Gujarat election which may have some temporary effect in short term nonetheless all other macro indicators looks stable for the economy.RSI of approximately 54 and increasing also suggest that Nifty may soon enter overbought territory which will provide a strong upside momentum.Nifty is also above its 9-day conversion base line of 10289 mark in ichomoku charts indicating bullish trend ahead.
Immediate Supports Nifty 50 is in the range of 10240.Below this lower support lies around (10160--10140) levels.,Immediate Resistance lies around (10350--10380).If these resistance are positively breached and sustained then one may see Nifty testing 10500+ mark in upcoming weeks ahead.
Immediate Supports Nifty 50 is in the range of 10240.Below this lower support lies around (10160--10140) levels.,Immediate Resistance lies around (10350--10380).If these resistance are positively breached and sustained then one may see Nifty testing 10500+ mark in upcoming weeks ahead.
Bank Nifty
Bank Nifty looks highly bullish in charts and seems to be heading towards a positive breakouts to make new lifetime highs above 25700 level and now currently trading at 25728.If Bank Nifty is able to give consecutive closes above 25500 level or able to consolidate in the range of 25700--25500 then we may see more upside as every dip in Bank Nifty should be used as an buying opportunity with stocks like Yes Bank and Kotak Mahindra Bank providing great opportunity to mint money in medium to short term basis.Moreover Moody's rating upgrade of India will improve Indian Financial institution and other Companies borrow ability from international money lending institutions and this may improve the credit cycle growth in India.RSI of 64 and increasing also suggest that a bull run may be waiting ahead and we may see sharp upside if RSI enters into overbought territory. MACD with a positive divergence of 7.55 also indicate that an upward trend may persist in Bank Nifty for short term to medium term basis.Bank Nifty has immediate Support levels around 25500.Below this lower support building around (25200--25150) level.
