NIFTYBANK: Receding Expectations.
As the markets await FED meeting (not that they expect anything), the series of rate cuts that we witnessed last week, ranging from CAD, Danish and Europe, the FED projections and the press conference assumes importance.
In addition, the AI world with Apple joining the race, the comments of IMF Chief Economist, about AI ruling the productivity and thus the sustainability in the near term, makes the job of rate cuts lesser.
The recent JOB gains whichever the components, do not give rise to early cut, Half the year will be behind, come next quarter markets will sing the 2025 cuts than 2024 action.
USDINR rise at the close is early indication that rupee will be allowed to seek its path.
Inflation and the local interest rates remain the focus, HDFC rises its deposit, there is still rush to garner deposits, and the money flowing the equity makes the job even tougher.
From the TA perspective, failure to move past the 50000 mark, allows a threat to revisit the 48900 area.
Not much in big picture, but relevant in the small picture.
Support 49450-49150-48850
Supply 49850-50050-50150
In addition, the AI world with Apple joining the race, the comments of IMF Chief Economist, about AI ruling the productivity and thus the sustainability in the near term, makes the job of rate cuts lesser.
The recent JOB gains whichever the components, do not give rise to early cut, Half the year will be behind, come next quarter markets will sing the 2025 cuts than 2024 action.
USDINR rise at the close is early indication that rupee will be allowed to seek its path.
Inflation and the local interest rates remain the focus, HDFC rises its deposit, there is still rush to garner deposits, and the money flowing the equity makes the job even tougher.
From the TA perspective, failure to move past the 50000 mark, allows a threat to revisit the 48900 area.
Not much in big picture, but relevant in the small picture.
Support 49450-49150-48850
Supply 49850-50050-50150
TA Primer ping me on +96895753093 +918106170817 details @sribhashyam65 twitter handle
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