Market View: 14-18 MAY 2018

Filed in Market Update by on May 14, 2018


Week Market View: 14-18 MAY 2018
View Last week the NIFTY closed at 10806.50 registering a gain of 1.77% over previous week. It ended above its immediate resistance levels of 10800 forming a bullish candlestick on the daily and weekly charts. Though we see these bullish patterns we must all stay cautious given the fact that Karnataka election would be announced this week which would have a significant impact on the markets. Our gut is that the markets have already factored in the outcome of the election results but we should not be taking chances. This week there will be a lot of action on the earnings front as well, approximately 350 companies would be declaring their March results. Pharma stocks would also be in focus post Trump’s statements on drug pricing. Oil prices are a worry but the affable relations between US and North Korea will stabilize the global markets which would be a big win. Overall this week would be an eventful one, we should observe caution and wait for a clear direction. Also given the rally that we have had in the last couple of months there is a good chance that profit booking might come on the streets. All the best!

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