NIFTYBANK: Bulls Last Resort!

Central Banks act as lender of last resort, for the markets Bank Nifty acted as last resort.

The one and the only sector that kept the colour green and carried it all along. One Index standing against all odds.

1. For the bulls ability to stay above 48350-450, the water line continues to hold hope. A close above 49200 will add more freshness to the rally.

2. For the bears the broader market negative strokes, expectation it is only a matter of time this too will fall remains.

The relative graph of this is in favour of the NIFTYBANK, till the gap between these two indices where the fall in NIFTYBANK is more than 2% in relative terms. That is a lot.

For the bears, bearish engulfing pattern, yesterdays upper wicks hold hope, but they need close below 48300.

For the bulls relative strength and the ability to hold on a day like yesterday offers hope.

48300-49300 is the larger range, break of either next direction.

Intra-day Supports 48530-48430-48330
Supply 48780-48900-49100

US Core PCE come tad below, but markets in equity continue drift lower. Pending Home Sales fall larger, Yields soften a little bit. Dollar gives some gains. Keep a watch on our USDINR to get some insights.