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What a comeback! Markets zoomed on Thursday after the Reserve Bank of India (RBI) kept the key policy rate unchanged at 6 percent for the fourth consecutive time.
The Apex bank also reduced the inflation forecast which triggered a rally in all the interest rate sensitive sectors.
The sentiment also got a fillip after fears of US-China trade war eased after the US expressed willingness to negotiate a resolution to the trade war with China post the Chinese retaliation.The Nifty defied all the weakness that was suffered on Wednesday to stage a strong upswing indicating strength. There are two vital positive developments that indicate a short-term reversal for the indices.
1. Despite Wednesday’s wicked fall, Nifty managed to hold above its 200 daily exponential moving average (DEMA) of 10,115 levels.
2. In the past four days, Nifty has confirmed a Falling Wedge pattern breakout on the daily chart indicating that the index is all set to move higher towards the immediate peak of 10,480 levels.
The Bank Nifty too has broken out from a falling wedge pattern and to add to the optimism it has also managed to close above the 200-DEMA of 24,470 levels.
Going forward, 25,000 is the immediate peak and is also the psychological mark that will act as a strong resistance for the Bank Nifty.
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