Market View: 19-23 FEB 2018

Filed in Market Update by on February 19, 2018

 

Week Market View: 19-23 FEB 2018
View Last week the NIFTY closed at 10452, almost the same closing as previous week. The global scenarios were positive, the US index rallied but the PNB fraud case offset all the positive global cues. The NIFTY daily chart shows bearish engulfing candle which means that the markets could consolidate further with a negative bias this week. February F&O expiry and the progress on the PNB fraud case will keep the sentiments negative. Overall, the NIFTY has corrected 6% in the last couple of weeks. The current scenario should be treated as a great chance by all the investors to invest. The domestic earnings has been good so far and the global economic scenario is stable too. So nothing really to worry in the long term. This week the outcome of the central reserve and the European central bank meeting will be watched closely along with a few more quarterly results that would be announced. For now 10400 remains a strong support for NIFTY. A fall below that will trigger a fresh fall further. Similarly a break out above 10600 will trigger further positive sentiments across. Let’s wait and watch for this week and keep a low profile. All the best!

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