Profile charts for 5th August

Nifty Spot chart Daily prices :

Nifty Profile Charts For 5Th August

Perspective :Yesterday’s intervention by the Bank of Japan in the currency markets to weaken the yen, Wednesday’s Swiss national bank interest rate cut and the ECB’s decision to hold the interest rates steady, seen in combine, point to a work behind the scenes and the fear amongst central bankers in the way they see the financial markets of today.Whilst it almost guarantees QE3 and the widely expected negative jobs number in the US will force the FED to act, much of what the equity markets do from hereon will depend on how the currency markets particularly the US dollar do from here.The equity markets worldwide, will not rally on a strong dollar.

Interestingly by not holding the lows of the previous day, the US markets have sent a message that it is fed up of all the intervention in the markets over the past three years.

Back Ground :- :Yesterday’s post ” – A reversal below the failed auction point is a new auction, as also a new IPM.”.

Chartspeak :

– Watch for market reactions at 5173-5183 the previous lows.
– A move over 5239 will make the low firmer

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