Market View: 10-14 SEP 2018

Filed in Market Update by on September 10, 2018

 

Week Market View: 10-14 SEP 2018
View Last week the NIFTY closed at 11589 registering a loss of 0.78% over previous week. The markets took a breather allowing the bears to completely dominate the bulls after seven weeks. Rupee has further weakened and we believe that the RBI and the government is likely to intervene soon to stabilize the falling rupee as it hits trade deficit. Rising crude in another big worry. Also the trade war between the US and China has seen no conclusions so far. So fingers crossed on a lot of events. Technically the weak start to the September series does not mean the start of a bearish trend. The NIFTY daily chart suggests a bullish reversal and hence we expect a bounce back. However the bounce back will be limited since the NIFTY weekly chart shows a bearish engulfing pattern. So there is a little tug of war happening there which would lead to some consolidation with a positive bias. The NIFTY is likely to take a good support at 11550 and would face immediate resistance at 11650. All the best!

Comments are closed.