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The Market fell seventh
day in a row to lowest level in two months tracking sharp losses in Asian
peers, where equities slumped as investors waited to see whether Chinese and US
trade negotiators can salvage a deal to stave off the threat of fresh US tariff
increases, which would damage global economic growth. The Sensex fell 230
points to close at 37559 and the Nifty declined 58 points to settle at 11302.
We remain cautious on the Indian markets and expect it to remain volatile in the near term on back of on-going Q4FY19 earnings season. Investors’ focus would be on domestic macro data (IIP) which is scheduled tomorrow. Globally, progress of trade talks between US and China, behavior of crude oil prices and fluctuation in currency will be on investor’s radar. Given uncertain market conditions, we advise traders & investors to be selective in stock picking. Nifty hovered around its support of 11300. The index formed an indecisive pattern and near-term oscillators are still in sell mode. Sustained weakness could drag the index towards the 11000 level. On the upside, it may face some headwinds around the 11400 level.
We remain cautious on the Indian markets and expect it to remain volatile in the near term on back of on-going Q4FY19 earnings season. Investors’ focus would be on domestic macro data (IIP) which is scheduled tomorrow. Globally, progress of trade talks between US and China, behavior of crude oil prices and fluctuation in currency will be on investor’s radar. Given uncertain market conditions, we advise traders & investors to be selective in stock picking. Nifty hovered around its support of 11300. The index formed an indecisive pattern and near-term oscillators are still in sell mode. Sustained weakness could drag the index towards the 11000 level. On the upside, it may face some headwinds around the 11400 level.
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Resistance: 11400, 11500
Support: 11300, 11200
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