Weekly Report:- Nifty Form Bearish Englufing Pattern On Weekly Chart.

Market Summary:- The Nifty 50 index tank 256 points and closed in red at 10760  post-Union Budget 2018. The Nifty 50 Index has biggest weekly loss of 3.15 % in a year.

The implication of LTCG and lack of incentives from budget force Markets to drag down.

Technical Comments: – On the Daily Chart, The Nifty 50 index forms a long Bearish candle and closed near the day low with weakness.

MACD signal a sell crossover and RSI is trending in the weak Zone.

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On the Weekly Chart, The Nifty 50 index forms a Bearish Engulfing Pattern signs further weakness or profit booking in the coming time.

Nifty 50 index has immediate support at 10660-10500 in the coming time, Whereas immediate resistance place at 10900-11120.

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Bottom Line: – Trading Strategy for Nifty traders, Sell on High with stop loss.

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Is going for fixed deposit with the current interest rate will be the right decision?

Demonetisation leads to higher bank deposit that may put pressure on bank to reduce the interest rate very soon. The higher the deposit amount higher will be the outflow of banks in the form of interest payable to depositor.  Looking at the scenario the loan ratio will be comparably low with respect to deposits in this quarter. This situation seems to continue or not in the last quarter will depend on the key reforms taken by government in the budget 2017.

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Demonetization has also reduced liquidity from the market, Further action from the government against Black Money may tightened it more in the coming time. Time ahead the banks will be with full of cash and lower liquidity in the market may put pressure on the RBI to go for monetary measure to control the situation. So we expect some 50-100 Basis points cut in interest rate in around 1 year from here.

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