NIFTY WRAP UP & FORECASTING

The BSE sensex closed the shop at 58,649 UP by 1016 points and the Nifty close the day at 17,469 by adding 292 points.

On the Upside: Bajajfinance, Maruti, Hindalco, SBIN

On the downside-HDFC life, Kotakbank, Powergrid, Divislab

Tech View:- Today’s session started ahead of RBI policy, Where; The sensex was up 642 points, or 1.11 per cent, at 58,276 levels in early deals while the Nifty50 index was back above the 17,350-mark. The 50-apck index gained 192 points or 1.12 per cent. Due to global cues and favourable RBI policy help sensex close  with a solid gain of 1,016 points & The NSE Nifty surged to a high of 17,469, and ended 292 points stronger at 17,470.
Nifty have formed a Bullish candle on daily chart and cross the barrier of strong resistance 17400, Hence going further 17300-17200 will act as a support and 17550-17650 will act as a resistance.

European & USA markets:  @ IST 4:30 European markets were trading atNegativenote. Where the Germany’s DAX tradingNegativeby 0.67 %, Other hand France’s CAC40 indexrunningNegativeby 0.40% where, England’s FTSE100 indexPositiveby 0.01%.

Where; wall street @ IST 04:18 The DOW future contract tradingNegative23points, S&P 500 Future trading Positive1points, Where; Nasdaq100 futurePositive 33points.

Global News Analysis:

Eurpoe – Euro zone inflation will take longer to fall back to target than earlier thought but so far there is no evidence that high prices are becoming embedded in wages, ECB Vice President Luis de Guindos said on Wednesday.

LONDON  – A rebound in market sentiment continued in early European trading on Wednesday, with world shares set for their biggest two-day jump since November last year as investors became less concerned about the Omicron variant.

India:-Retail inflation is likely to ease to around 5% next fiscal on the back of government measures to ease supplies, reduction in fuel prices as well as prospects of good crops, the Reserve Bank of India said on Wednesday.

Retail inflation is expected to be around 5.3%, for the current fiscal year ending on March 31, 2022, the RBI said.

INDIA:- Fitch Ratings on Wednesday cut India’s economic growth forecast to 8.4% for the current fiscal year ending March 31, 2022, saying the rebound after the second wave of COVID infections has been subdued than expected.