NIFTY BANK - AT THE MERCY OF DIFF CENTRAL BANK

Nifty bank, dictated by another Central Bank rather than RBI, It continues to show the power of the Dollar and the cost of it in driving various asset classes. Our MPC is quickly forgotten and focus remains on actions today. While 38900 holds one more time move towards 37700 is seen. The crux is whether we hold 37700 if the assumption of deeper NIFTY Correction unfolds. NIFTYBANK at this point of time is not the weakest link. Hence, we will have to review later. For now the moves would synchronise broad market moves thus the direction is softer.