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Nifty Hold Supports At 100 Days SMA Ahead Of RBI Policy

By Dinesh SharmaMarket OverviewDec 05, 2017 17:47
in.investing.com/analysis/nifty-hold-support-at-100-days-sma-ahead-of-rbi-policy-200199157
Nifty Hold Supports At 100 Days SMA Ahead Of RBI Policy
By Dinesh Sharma   |  Dec 05, 2017 17:47
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MARKET SUMMARY: - On Tuesday trading, India benchmark index Nifty50 starts the day with weakness and slide further to day lower level at 10069. It is in the second half, the nifty50 index offset the morning losses and close at 10118 with the moderate losses of 9 points.

The market breadth for the Nifty index is negative, 2 stocks are trading negative for every 1 stocks positive. Nifty50 recovery led by banking major SBI (NS:SBI) and Reliance industry.

India volatility index (VIX) added 1.03% to close at 15.01

TECHNICAL COMMENTS: - On the daily chart, the Nifty index forms a doji, Signs market participants remain neutral ahead of the RBI policy scheduled to be announced tomorrow.

The Nifty index holds back from the day low from taking support at 100 days SMA.

A higher inflation data and crude oil price may weigh on RBI to go with cautious mood and keep the interest rate unchanged for now.

The market tone is negative and volatile, holding crucial support at 10100 level on a closing basis. A weak closing below this may trigger further downside in the coming time.

On shorter time frame, the Nifty index holds above the EMA on hourly chart and RSI stands at 36 level.

The nifty index expected to trade volatile and holds immediate support at 10070 level below which further downside to the level 10040-10000 can be seen, Whereas above the resistance level of 10150 upside level of 10180-10225 can be retested in the coming time.

BOTTOM LINE: - Trading strategy For Nifty traders, Nifty expected to trade volatile and sell on high if unable to close above 10200 level.

Moneyites.com

Nifty Hold Supports At 100 Days SMA Ahead Of RBI Policy
 

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Nifty Hold Supports At 100 Days SMA Ahead Of RBI Policy

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