India’s CPI Inflation data released on Friday came @ 6.71%, inflation below March 2022 level of 6.95% and below 7% after 3 months.
China’s economic data released on Monday was weak, triggering fresh recession fear. China surprises with rate cut as data shows alarming slowdown.
Nifty: RSI @ 80.48 & RSI average @ 76.44. Nifty rallied 1.73% this week but RSI constantly remained above 70 level.
Banknifty: RSI @ 80.09 & RSI average @ 75.84. It continues to trade in overbought territory. Banknifty rally could continue and test 39726 level. With immediate support at 37716 level.
Market View: We continue to focus on Mid-Cap & Small-Cap stocks and prefer to play stocks with strong momentum for long side. We will continue to follow “Sell-on-rise” strategy.
SGX Nifty@17855.50 Vs 17716.90 (Friday’s cl) up 138.50 at 7:55 AM