RBI cuts repo rate by 25 bps to 6.0 percent, reverse repo rate falls to 5.75 percent.
Nifty opened the month at 9587.95, made a high of 10114.85, low of 9543.55 and closed the month at 1077.1 with a gain of with a gain of hefty 556 points. In this current rally this is the highest monthly gain. Also Nifty achieves 10000 mile stone and able to close above it. Nifty finished 7 months of higher low candles. Now time wise and price wise Nifty reached previous uptrend from March 2016 to September 2016.
Nifty opened the week at 10034.7, made a high of 10137.85, low of 9988.35 and closed the week at 10066.4 with a gain of 52 points 0.52%). Nifty made fifth straight weekly gain.
1st day of the week market opened with a gap up closed well above Friday’s candle. Index traded volatile on next day and managed to close above previous days closing. The action formed a Doji candle in Sensex, not on Nifty. Index trade in a smaller range ahead of RBI Policy. On Wednesday, Nifty opened gap up at 10136.3 and made a high 10137.85 and made a low of 10054.2 and closed at 10081.5. The action formed an Engulfing Line Bear (ELB) candle in reaction to RBI policy. On Thursday Index made a bear candle with open and high same. On Friday Nifty made piercing line pattern. Piercing line pattern is a bullish indication. Breaking Friday’s low invalidate bullish action. Nifty should trade above ELB candle high (10136.3) for further upmove.
This week Index registered fresh life time high. Nifty made a hefty 689 points in the Bull Run from 30th June to 2nd Aug and made a correction of 150 points in 3 days.
Options data for August series indicate highest Call Open Interest is at the strike of 10500 and highest Put build-up is at 10000. On Friday, highest OI addition at 10000 put option and same time OI unwinding seen on call side indicate bullishness.
Global financial markets ended the week in the green with most of the indices ending in the positive territory.
FIIs were net sellers in cash market.
Nifty opened the month at 9587.95, made a high of 10114.85, low of 9543.55 and closed the month at 1077.1 with a gain of with a gain of hefty 556 points. In this current rally this is the highest monthly gain. Also Nifty achieves 10000 mile stone and able to close above it. Nifty finished 7 months of higher low candles. Now time wise and price wise Nifty reached previous uptrend from March 2016 to September 2016.
Nifty opened the week at 10034.7, made a high of 10137.85, low of 9988.35 and closed the week at 10066.4 with a gain of 52 points 0.52%). Nifty made fifth straight weekly gain.
1st day of the week market opened with a gap up closed well above Friday’s candle. Index traded volatile on next day and managed to close above previous days closing. The action formed a Doji candle in Sensex, not on Nifty. Index trade in a smaller range ahead of RBI Policy. On Wednesday, Nifty opened gap up at 10136.3 and made a high 10137.85 and made a low of 10054.2 and closed at 10081.5. The action formed an Engulfing Line Bear (ELB) candle in reaction to RBI policy. On Thursday Index made a bear candle with open and high same. On Friday Nifty made piercing line pattern. Piercing line pattern is a bullish indication. Breaking Friday’s low invalidate bullish action. Nifty should trade above ELB candle high (10136.3) for further upmove.
This week Index registered fresh life time high. Nifty made a hefty 689 points in the Bull Run from 30th June to 2nd Aug and made a correction of 150 points in 3 days.
Options data for August series indicate highest Call Open Interest is at the strike of 10500 and highest Put build-up is at 10000. On Friday, highest OI addition at 10000 put option and same time OI unwinding seen on call side indicate bullishness.
Global financial markets ended the week in the green with most of the indices ending in the positive territory.
FIIs were net sellers in cash market.
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