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| Item Details | Price | ||
|---|---|---|---|
Stock name: Nifty
Pattern: Important Fibonacci level
Time frame: Weekly
Observation: Nifty has broken a very important Fibonacci level drawn from the March 2020 lows and that too with a gap. Such gaps are called as break away gaps and are said to be very powerful. Once the Fibonacci level gets broken, the instrument approaches the next Fibonacci level.
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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.
News for the day:
1) The US Fed’s announcement of a 75 bps hike in the Fed fund target rate to 1.5% on top of the prior cumulative 75 bps hikes this year is a departure from its past stance as the central bank is now embarking upon a restrictive policy stance, which is expected to drive up the policy Fed fund rate to 3.0-3.5% by end-2022 and 3.5-4% by end-2023, i.e., beyond what is considered the neutral level. The pace of the hikes comes as a surprise as the earlier rate targets were much lower.
2) "We wish to inform that pursuant to the bank's application vide its letter dated May 23, 2022, RBI vide its letter dated June 15, 2022 has approved the proposal to re-appoint Vasudevan P N as the Managing Director & Chief Executive Officer (MD &CEO) of the bank, for a period of one year with effect from July 23, 2022," Equitas SFB said in a regulatory filing.
3) The Tata Group-owned Air India has decided to procure its maiden batch of wide-bodied A350 aircraft of Airbus and the first plane is likely to be delivered to the airline by March 2023, sources have said. Sources on Wednesday said Air India has started asking its senior pilots if they will be interested in getting the "conversion training" to operate A350 aircraft.