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MTECHTIPS:-Nifty:
The Nifty opened positive tracking firm global cues, and the
markets gained strongly from its opening levels as the RBI in a
surprise move cut key rates by 50 basis points.
The opening is expected to be positive taking cues from the strong
Global peers. Nifty has closed highest in 7 trading days and above
5310 Nifty would give a break-out from triangle pattern and closing
the Negative island reversal around 5344 then rally till 5500 or
5600 can be possible. Nifty if fails to close the gap at 5344 and if it
remains below 5250 then negativity would start. Nifty has been in a
range of 5135-5500 and till result season is not over the range
would be maintained with stock specific move. 50bps repo rate cut,
the RBI seems to be done with the easing cycle for FY13, RBI to
focus on liquidity infusion through open market operations and cuts
in CRR.
The Nifty opened positive tracking firm global cues, and the
markets gained strongly from its opening levels as the RBI in a
surprise move cut key rates by 50 basis points.
The opening is expected to be positive taking cues from the strong
Global peers. Nifty has closed highest in 7 trading days and above
5310 Nifty would give a break-out from triangle pattern and closing
the Negative island reversal around 5344 then rally till 5500 or
5600 can be possible. Nifty if fails to close the gap at 5344 and if it
remains below 5250 then negativity would start. Nifty has been in a
range of 5135-5500 and till result season is not over the range
would be maintained with stock specific move. 50bps repo rate cut,
the RBI seems to be done with the easing cycle for FY13, RBI to
focus on liquidity infusion through open market operations and cuts
in CRR.
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