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Federal Reserve chair Janet yellen speech on economic outlook and monetary policy
After decent move last week Nifty opened with slightly positive note in today’s trading session. However no follow up buying interest was visible and market traded in a tight range throughout the trading session. Market remained indecisive and formed a spinning top candle stick pattern in daily chart. Over a period of last couple of trading session multiple such pattern is visible indicating a per
After decent move last week Nifty opened with slightly positive note in today’s trading session. However no follow up buying interest was visible and market traded in a tight range throughout the trading session. Market remained indecisive and formed a spinning top candle stick pattern in daily chart. Over a period of last couple of trading session multiple such pattern is visible indicating a period of consolidation and lack of strong buying pressure.
However, this pattern required further confirmation but its appearance after a strong rally is definitely flashing a signal worth to keep in mind. Going forward a move below 8150 we expect profit booking should trigger and market to move down till 8050 level. Alternatively, a move above recent swing high at 8280 market is likely to accelerate momentum and in that scenario 8380 is likely in the card. Market will keep an watch on Federal Reserve chair Janet yellen speech on economic outlook and monetary policy.
'Any surprise other than hawkish stance will be key driver for the market. Domestically, RBI interest rate decision will play a major trigger for the market. Short term support is at 8150 and resistance is at 8280 and 8380.
By Rohit Gadia, Founder & CEO, CapitalVia Global Research Ltd.
