Market View: 13-17 AUG 2018

Filed in Market Update by on August 13, 2018

 

Week Market View: 13-17 AUG 2018
View Last week the NIFTY closed at 11429.50 registering a gain of +0.60% over previous week. The dominance of the bulls continued for the third consecutive week.
Good buying from FII’s, DII’s and improved investor sentiments led to an increased demand. The quarter results have been far better than expected by the streets which has boosted investor sentiments. We now expect the markets to consolidate a bit before crossing 11500. Technically on the weekly chart the NIFTY has formed a spinning top formation which means sheer indecisiveness. A slowdown is definitely expected. If the NIFTY breaks below 11400 then we could see some selling pressure creeping in which could take NIFTY to 11250. The NIFTY will take a good support at 11250 and will face stiff resistance at 11500. We don’t see any major risk on the domestic front but global circumstances may lead NIFTY to correct. The markets will have their eyes glued on global events like ongoing US-china trade war, crude prices and the Dollar Vs Rupee tug-of-war. On domestic front we are in the final week of the June earnings season where approximately 1800 companies are expected to disclose their results. The NIFTY will take its further cues from all these events. This one is a short week and hence we do not expect much action. Stock specific volatility and movement would be seen. Nothing really to worry about, we must all stay invested. All the best!

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