Fitch has downgraded India growth story and level of nifty to watch 11600, 11550 and fed said it will monitoring the situation if necessary they will cut rate but not compulsively Fitch reduced global as well as India’s growth outlook by 10 bps and 20 bps respectively. FII continue to be sellers although small for the last few sessions. Market outlook remains cautious with negative bias. . Globally market is awaiting for Fed Policy decisions scheduled on 19th of June.
Nifty to watch 11600, 11550.Till this level holds, it wont be wise to assume that nifty up move is over and a big down move has commenced. However break (and sustained trading) below 11550 will change the medium term to down and could invite further selling and weakness. After exit poll results, nifty had posted a huge gap up on intraday charts (11400-11600). If this gap area fails to provide support then there is a possibility that entire gap is filled (which means retest of 11400). So for now, Nifty remains weak hence one should not be in a hurry to go long but wait to see if market takes support level and stabilizes around current levels and enter only when it starts exhibiting signs of strength.
Nifty to watch 11600, 11550.Till this level holds, it wont be wise to assume that nifty up move is over and a big down move has commenced. However break (and sustained trading) below 11550 will change the medium term to down and could invite further selling and weakness. After exit poll results, nifty had posted a huge gap up on intraday charts (11400-11600). If this gap area fails to provide support then there is a possibility that entire gap is filled (which means retest of 11400). So for now, Nifty remains weak hence one should not be in a hurry to go long but wait to see if market takes support level and stabilizes around current levels and enter only when it starts exhibiting signs of strength.
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