Silver lining and Clouds
RBI Governor Comments that in every silver lining there are clouds needs a careful calibrated analysis.
If that is mentioned around the inflation which remains optimistic but at the same time the wording of cloud suggests nothing can be taken for granted.
Now talking of taking for granted is the Indian bulls who continue to believe there is a rise every day and it is matter of time we hit infinity.
That brings the Infosys results if not the infinity in the picture.
Today one has to have standalone NIFTY, BANKNIFTY and then the INFY Graphs to understand the path.
Cues are negative. 1. There are no signs of top in NIFTY, can there turn without a warning, nothing is ruled out. 2. Intra-day volatility is the indication of distribution. 3. NIFTYBANK stuck with PSU banks under performance, HDFC and KOTAK stuck in higher range, leaving the work to SBI, AXIS and ICICI. They will hold in a range ahead of budget. 4. The last is INFY, it has already rallied at best another 3-4% move before it gets a selling interest. Not to take away any means the big picture that is no longer bearish.
The US political toll, playing on the broader market, Chinese data not aiding, Japan inflation comes a tad higher.
No cues to take home, other than the expectation even if it falls intra-day close will be positive.
The bleeding is elsewhere, those places where exponential growth and headline marketing have been done.
Stay on the vigilant,
Supports 24730-24680-24630
Supply 24800-24850-24880
If that is mentioned around the inflation which remains optimistic but at the same time the wording of cloud suggests nothing can be taken for granted.
Now talking of taking for granted is the Indian bulls who continue to believe there is a rise every day and it is matter of time we hit infinity.
That brings the Infosys results if not the infinity in the picture.
Today one has to have standalone NIFTY, BANKNIFTY and then the INFY Graphs to understand the path.
Cues are negative. 1. There are no signs of top in NIFTY, can there turn without a warning, nothing is ruled out. 2. Intra-day volatility is the indication of distribution. 3. NIFTYBANK stuck with PSU banks under performance, HDFC and KOTAK stuck in higher range, leaving the work to SBI, AXIS and ICICI. They will hold in a range ahead of budget. 4. The last is INFY, it has already rallied at best another 3-4% move before it gets a selling interest. Not to take away any means the big picture that is no longer bearish.
The US political toll, playing on the broader market, Chinese data not aiding, Japan inflation comes a tad higher.
No cues to take home, other than the expectation even if it falls intra-day close will be positive.
The bleeding is elsewhere, those places where exponential growth and headline marketing have been done.
Stay on the vigilant,
Supports 24730-24680-24630
Supply 24800-24850-24880
TA Primer ping me on +96895753093 +918106170817 details @sribhashyam65 twitter handle
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