NIFTY - Known, Knowns. I Miff!

12 Apr 2023

With lots of the hopes on falling inflation, the market is awaiting inflation data both in US as well as ours later in the day. Markets might look to ignore, the known, known mode. Meanwhile IMF, reduces the growth impulse world over, and there is nothing to miff about it. Markets will do what they are supposed to do. In the end, it is liquidity that will drive the market. For now, Central Bank's insistence in east to follow YCC or the deflationary impulse from China Vs the western world to support to avert any bigger systematic collapse. This known, unknown to known known is working in favour of the bulls. With everyone, expecting a bad canvass or negative back drop, the potentially to surprise or disappoint will only multiply. As expected, this place moved up and in fact sharply higher. As long as this space is strong, it is difficult to see NIFTY giving way to the downside. The new zone of range now moves above 41000. Old supply zone of 41600 attracts while 40800 support zone works. Markets may move in a range with softer bias elsewhere, but neutral to tad in favour of bulls here.