06 Feb 2025 - Nifty up 352pts, Stance upgraded to Bullish
Nifty Stance Bullish ⬆
Nifty went up 352pts ~ 1.52% this week. It even broke through the resistance level of 23357 which prompted me to change the stance from neutral to bullish.
There were 2 events that happened this week.
Once we crossed the 23698 levels, the momentum almost faded out, the last two days were consolidation with a minor negative bias.
All eyes are now on the RBI MPC meet on 7th Feb. The lower net interest income by SBI will be more than enough for the RBI to slash the repo rates. A combo of tax cuts and dovish monetary policy is more than enough to let more money into the hands of people, the only drawback being higher inflation.
Nifty went up 352pts ~ 1.52% this week. It even broke through the resistance level of 23357 which prompted me to change the stance from neutral to bullish.
There were 2 events that happened this week.
- The Union Budget on 1st Feb was received well. It had a significant tax relief for all salaried classes (up to 12,00,000 income). Markets were happy and we closed above the support/resistance level of 23357.
- US President announcing he will levy tariffs on Canada, Mexico and China - This created a false panic in our markets and we opened gap down on Monday. Since the markets fell below 23357, my long order went to stop loss creating a significant loss. The next day, we had another stop loss hit as the markets reversed.
Once we crossed the 23698 levels, the momentum almost faded out, the last two days were consolidation with a minor negative bias.
All eyes are now on the RBI MPC meet on 7th Feb. The lower net interest income by SBI will be more than enough for the RBI to slash the repo rates. A combo of tax cuts and dovish monetary policy is more than enough to let more money into the hands of people, the only drawback being higher inflation.
Feragatname
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