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A tepid start in the domestic market was
offset by rebounds in banks, metals and oil & gas, while continued selling
in IT stocks weighed on indices. Headline inflation numbers are expected to
ease from the previous month on moderation in food prices. Global markets
remained fragile as equity markets expanded as interest rate decisions by major
central banks took center stage. Indices ended flat as Indian investors
remained cautious earlier in the week and eyed the Fed's rate hike decision. IT
stocks continued their slide amid negative global cues and recession fears.
Finally, the Sensex fell 51 points to 62130 and the Nifty rose 0.60 points to
18497. Approximately 1787 stocks are up, 1688 stocks are down, and 194 stocks
are flat. The FOMC is expected to begin its December policy meeting Tuesday
through Wednesday. The majority are hoping for a 50 basis point hike instead of
a fifth 75 basis point hike this fiscal year, but US inflation data, due out
tomorrow, will provide further clarity on the outcome of interest rates.
After falling sharply in early trade, both
benchmark indices recouped most of their losses but traded in a listless range
for most of the trading session as investors braced ahead of inflation data and
the Federal Reserve Board meeting stayed on the sidelines for most of the week
. More clarity will come after the US Federal Reserve meeting, which would
determine the trend in the short-term. The Nifty entered a short-term
consolidation phase last week. As a result, nifty opened gapup to the downside
on December 12. The bulls moved to offer support as the index neared near-term
support at 18350, a 78.6% retracement of the recent move higher. On the other
hand, recovery for the day around 18550 was limited. The overall structure
shows that the Nifty may have a short-term consolidation in the 18250-18700
range. Bank Nifty, on the other hand, remains positive.
Resistance: 18550, 18700, 18850
Support: 18350, 18200, 18050
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