Indian stock Sensex rose 550 pt, NIFTY over $24,950, and all sectors rose
Jerome Powell gave a dovish speech at Jackson Hole and suggested the possibility of interest rate cuts in September was well received, and Nifty got off to a strong start. As a result, investors' optimism has been rekindled, and interest rate cuts of 25 basis points or 50 basis points are in view in the market. The Fed's decision depends on inflation and employment statistics to be announced in the future.
From the viewpoint of the Indian market, the minority opinions of the two independent members of the MPC who supported interest rate cuts at the previous monetary policy meeting will intensify, so this has an important meaning. India's core inflation rate is only 3%, and economic growth has also slowed slightly, so there is a high possibility that the MPC will cut interest rates by 25 bps at the next meeting.
The Nifty 50 Index maintained an upward trend for 7 consecutive sessions, and RSI and MACD, which are momentum indicators, remained positive. The 24,800 level is expected to be essential for further growth, and if broken through, the 24,900-25,000 level could be reached. $24,700 is the immediate support, and $24,500 appears to be an important support level.
Nifty 50 forms a small bearish candlestick pattern with a lower beard on the daily chart, indicating a willingness to buy at a lower price. Since the index surpassed all major moving averages and above the center line of the Bollinger Bands, it maintained its momentum.
Nifty's main rising stocks were ONGC, Tech Mahindra, Wipro, Hindalco Industries, TCS, etc., while falling stocks were Apollo Hospitals, ITC, SBI Life Insurance, Doctor Lady's Labs, and Grasim Industries.
The FMCG sector has broken out of a bullish pennant and pole formation, so the bull market is likely to continue.
The IT department has experienced a bearish divergence, so a temporary hiatus is expected. There is a hidden bullish divergence in RSI, and the metals sector has reversed from the lower limit of trendline support, indicating a trend reversal. We maintain a positive view of the pharmaceutical segment.
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chanboka : Thanks for the info
India's investment trust has grabbed a high price, and it's always been negative (crying)
Will we finally break away with this?
I hope it will be “If you wait, there will be weather on the sea route”
乱空 OP chanboka : In india, the growth rate may decrease next year, but many people seem to believe that the current upward trend will remain unchanged. I also have a similar view, so after the recent decline, I added a little to the investment trust when the yen strengthened.![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
An early recovery from the downturn.![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
I am aiming for it.![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
chanboka 乱空 OP : Thank you so much!