NIFTY - E "STIR" Monday

10 באפר׳ 2023

Nifty bulls climb to the peak but held on to the important supply zone on a shortened week. Lots of Geo-political postures, now around Taiwan, to start with negative background. What happens in France, will happen elsewhere? France Streets are on Fire, Macron on a song to delink-dollar tune. Europe had a sweet two decades plus to challenge the dollar and could not. It is always act together, not act in unison. Macro, words and China deeds are watched by the Super-nations, don't expect traders to do any better but to watch. Taiwan looks to be issue on some other day, but accidents do occur is the inference. West Driven, East looking was the theme of our Global macro topic in February aptly described. Cues so far are slow to start and tentative. Taiwan, Index sold off to the highs, now flat. China is down, Korea is up. Will we go, Korea way is the clue that we would look to find out. Interestingly Gold gives up the gain, while Crypto keeps the green shoots. Crude is stable. Thus, the sale of a higher level in Taiwan and Nikki, negative in China. Relative rotation in Korea, other asset classes mixed to negative tones. Not enough meat to embark on a RR trade. Short-term the negative divergence, very short term to hold the gains but bigger frames don't have any divergence other than area of supply around 17650. Supports around 17480 are very strong and that should hold for the rally to continue its journey. Lots of places still look oversold, thus the scope for broader corrective rally is the theme. 17530-17630 range with 50 pip stops either way.