MARKET OUTLOOK 05-08-2014

Posted By : Kishore B.S

The Monetary policy is today. Dalal street is expecting yet again RBI is likely to pause today’s policy review. If RBI were to maintain their status quo,the markets are expected to move higher levels, however, if no rates increases, some sell off can be expected in market.

Technical outlook shows Nifty looking week. Yesterday’s reclaim to 7700 is not enough to think that markets would turn bullish (short term). The immediate resistance are seen at 7750 & 7840. If these levels are broken, it can take Nifty to 8000 levels, or the current bearish look can drag Nifty to 6400 or 6200 also.

Cheers!!
Team SMI

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