Nifty

#156 Nifty Update: Nifty close jst above 100 EMA

As i mentioned yesterday Nifty took support at 5852..Yes it was obvious as it was 100 DMA on our daily chart. Since opening it was weak following SGX nifty. We have RBI policy this month but we dont expect a rate cut as inflation has been increasing due to weak rupee and increasing crude oil prices. Today HSBC PMI for india was declared and it is improving marginally from 49.90 to 50.30. Yesterday Europe and Japan’s PMI too have increased more significantly than ours. It is only the commodity king country, China, not showing any recovery in PMI numbers. US has seen continues growth in housing market and retail sales. taking DOW as gauge of all global markets than every Dip it is a chance to buy for Long term as i intimated yesterday. Now we have to take this as a buying opportunity. We might see some downside tomorrow but buy banks on tht dip. Target for nifty in this week is 5971-5780.

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