NIFTY - Gilts and Glittering Gold!

Nifty, bulls climb sharper aided by the HDFC twins, beaten down IT heavy weights and FMCG coming together. The bonds else where continue to their climb (yields falling). The services PMI fall, the unemployment increase is more or less taken into consideration. The staple sector Mc Donld too announces job cuts, that is a dire signal to the JOB sector. Meanwhile the geo-political postures continue their China Centric moves, Macron joining for re-look at the Ukraine. It is slowly getting to NATO members Vs China sympathisers. China's rejecting Indian Journalists, banning Chip exports are minor news that is getting headlines, but needs a tab on the same. While Gilts glitter with rising prices (falling yields), Gold shoots above 2000 and is spending almost third day. 2075 is the ATH, Silver too joins as Silver now is precious commodities in EV sector. Base metals soften, whereas Agriculture commodities remain elevated. Optically falling inflations, but incoming sources are contrary. For the NIFTY, the bulls have climbed whatever it takes, now the MPC meeting is the last hurdle to cross. Bulls print new base 17430. While 17650 is the near-term hurdle. Zone of supply around 17600, RBI policy (buy the rumour sell the fact?), weekend, holiday overseas markets (Monday very light too). Market would be reluctant to stretch either way. Broad range of 17470-17650 to work.