NIFTYBANK: Special Chabbis
The news of Oil discovery is Godavari basin in 26 wells goes the headlines. For sure they are not discovered overnight. The work is long when search for the wells, more so oil wells. That augurs well in the long run though.
Warnings on Bank Profitability, impending inflation data. Stale longs, broader market corrective bias, draining of liquidity (bonds to equity is an excuse?) all pushing the pressure on this index.
The heavy weights drag than hold.
One move around low 47000 or 46900 is seen in this move, as we cracked ahead and fell much to the likes of the euphoric Tuesday which turned into turnaround Tuesday for the bears.
Simple shorts around the 47350-500 stops 47830 for 46980 looks reasonable to anticipate. Hold the mantra of Risk Reward always at hand.
The markets have reasonably discounted the inflation data hence reaction to the news is more important than the news!
Warnings on Bank Profitability, impending inflation data. Stale longs, broader market corrective bias, draining of liquidity (bonds to equity is an excuse?) all pushing the pressure on this index.
The heavy weights drag than hold.
One move around low 47000 or 46900 is seen in this move, as we cracked ahead and fell much to the likes of the euphoric Tuesday which turned into turnaround Tuesday for the bears.
Simple shorts around the 47350-500 stops 47830 for 46980 looks reasonable to anticipate. Hold the mantra of Risk Reward always at hand.
The markets have reasonably discounted the inflation data hence reaction to the news is more important than the news!
TA Primer ping me on +96895753093 +918106170817 details @sribhashyam65 twitter handle
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