Today we have all important credit policy day, decision on Rate cut will be taken and whether we have CRR cut or not will be clear by 11:45 AM. RBI was in action yesterday where it took qualitative measures to arrest the rise of rupee.
Basically they have tried to remove the speculative element out of market and effects were immediate Rupee dipped to 53.64 from the high of 54.16.
on RBI day Nifty tends to be quiet volatile and it can be used by intraday player to make few quick points in Nifty.
I have attached 2 Charts of Nifty on previous to RBI meet in June and Sep.
If you observe the chart closely you can see Nifty tends to ...Read the Full Story
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Rgds,
Bramesh
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http://www.brameshtechanalysis.com/
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