Bulls & bears were on roller-coaster ride today. Markets went off the rails as Sensex
crashed 1689 points and Nifty over 541 points in early session after a surprise
Donald Trump win and the government’s move to withdraw high value notes, but
managed to pull back towards the fag-end to close 339 points lower.
The Sensex and the Nifty opened sharply lower on Wednesday as a
combination of factors the government decision to withdraw Rs 1000 and Rs 500
notes and increasing probability of Donald Trump winning the US
Presidential election spooked investors who feared a tough and uncertain time
again for the economy and the market.
The NSE Nifty, which dipped below the 8100-mark, trimmed most of the initial losses and settled 111 points, down at 8432. Intra-day, the index hit a low of 8002 and high of 8476. The impacts could be different depending upon sectors - deflationary in some while contraction in others. This is a short-term risk for the economy. A couple of decades later, if one were to look back at the greatest economic moments of India; this would be one of them. The demonetization of 500 and 1000 Rupee notes will realign many things, right from the way we transact daily to real estate prices. This move once again proves that the government's intent and actions are in sync. Naturally, this will be great for the overall economy and the markets in general.
Nifty break above 8500 then it will increase the
strong bullish pattern breakout, which will take the indices up towards 8555/8600. A
strong break (close) below 8400 will increase the downside pressure and drag it
to 8400, 8350 again. Traders can go short on a break below 8380 with a
stop-loss at 8450 for the target of 8330.The NSE Nifty, which dipped below the 8100-mark, trimmed most of the initial losses and settled 111 points, down at 8432. Intra-day, the index hit a low of 8002 and high of 8476. The impacts could be different depending upon sectors - deflationary in some while contraction in others. This is a short-term risk for the economy. A couple of decades later, if one were to look back at the greatest economic moments of India; this would be one of them. The demonetization of 500 and 1000 Rupee notes will realign many things, right from the way we transact daily to real estate prices. This move once again proves that the government's intent and actions are in sync. Naturally, this will be great for the overall economy and the markets in general.
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Supports: 8400 and 8350
Resistances: 8550 and 8600
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