Direction on weekly chart is pretty clear that nifty future will continue its uptrend; momentum is being built on some large cap stocks. Also most of banking stocks such as ICICI bank, state bank of India, Axis bank, kotak bank, Punjab national bank, bank of Baroda and indusind bank, yes bank and vijaya bank were the top banking stock which saw rollover more than its 3 months average. So we are sure that nifty future is going to benefit from these banking stocks, if you go to fundamentals, you’ll find RBI is now likely to cut CRR by 50 basis points (bps). Traders who are holding nifty future mush rollover to next month as on charts there is no change in current uptrend. But now market is more focused on events like interim budget for FY12, hopes are high let’s see what government has for corporate and common people.
About Bhaveek PatelBhaveek Patel is technical analyst and investor, his areas of interest includes stock market, forex and gold.
great sir its useful for beginners