In Continuation to last week patterns chart and as expected,the right shoulder is formed and we are in downmove after touching 5605 in Nifty which is right shoulder.
The important support for nifty comes at 5460-5480 range,failing to hold this range will lead nifty to 5320-5340,which is neckline support.
However,if Nifty manages to rebound from 5460-5480,ideally it will give a shot at 5800.
Global markets and cues:
Most of the Asian markets are in downtrend and DOW at a very important support level.
The economic reports are not favouring markets,either China`s slowdown,rise in interest rates in Russia and below average data from US.
Coming to domestic markets,its all negative.2G scam,expected interest rate hike and low GDP for the concluded qtr and not so interesting results from Ind Inc companies.
Indian markets fared well after low GDP numbers,expecting RBI would hike maximum 25basis points and not sacrifice much of the growth for inflation,low inflation numbers and clear monsoons with 12-14 percent above normal are favouring bulls.
Will see, how markets shape for next couple of weeks and adjust the strategy accordingly at this important juncture.
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