Friday, August 18, 2017

9820 CONTINUES TO BE IMMEDIATE SUPPORT

9820 CONTINUES TO BE IMMEDIATE SUPPORT

WORLD MARKETS                             

US indices nosedived 1.2%-1.9%, with the Dow posting biggest one-day fall in 3 months on concerns over the Trump administration's ability to follow through on economic policy

Doubts over Trump's ability to carry out proposed economic policies grew following rumors that National Economic Council Director Gary Cohn would be the next key member to resign from the administration because of Trump's remarks following the violent protests in Charlottesville, VA. The rumor was later refuted by the White House.

A terror attack in Barcelona in which a van drove into pedestrians and killed at least 13, also soured the sentiment.

European markets fell 0.5%-1%. Euro fell off from a near 2½-year high against the dollar after a summary from the European Central Bank's July 20 meeting showed officials were concerned about an "overshooting" in the currency.

AT HOME

Benchmark indices ended little changed after a rangebound but choppy trade. Sensex settled at 31795, up 25 points while Nifty added 7 points to finish at 9904. BSE mid-cap index fell 0.4% while small-cap index gained 0.5%. BSE IT and Teck indices climbed 1.8% each, becoming top gainers among the sectoral indices while Bankex and Auto index were the top losers, down 0.7% each.

FIIs net sold stocks and index futures worth Rs. 981 cr and 253 cr respectively but net bought stock futures worth Rs 726 cr. DIIs were net buyers to the tune of Rs 829 cr.

Currency market was shut yesterday on account of Parsi New Year. 

HDFC Bank Ltd cut interest rates on most of its savings accounts to 3.5% from 4%.

OUTLOOK

Today morning, Asian markets are trading with cuts of 0.4%-1.3% and SGX Nifty is suggesting about 60 points lower start for our market.

After Nifty crossed the immediate hurdle of 9860, we had said that 10000, where a trendline adjoining recent tops on the hourly chart is placed, is the next upside target as well as the hurdle to eye.

Nifty, after touching a high of 9948, retreated to close at 9904 and is set to open around 9850 today.

9820, where 34-hour moving average is placed, continues to be immediate support below which 9685, the bottom made last week, would be the next crucial support to eye.


Traders are advised to keep stop-loss of 9820 in long positions.

2 comments:

  1. SIR WHAT HAPPENED TO YOU.
    HOPE YOU ARE VERY WELL

    ReplyDelete
  2. Please post your market Technical analysis report.
    we are eagerly waiting.

    ReplyDelete