Market View: 20-24 AUG 2018

Filed in Market Update by on August 20, 2018

 

Week Market View: 20-24 AUG 2018
View Last week the NIFTY closed at 11470.75 registering a gain of 0.36% over previous week. It closed at a record high with heavy buying happening across different sectors including Banking, Metals, FMCG, Pharmaceuticals etc. A bullish candle formation can be seen on both the NIFTY daily and weekly charts. If the NIFTY is able to sustain these highs and the support of 11400 is not taken off, we will see further upside happening. This week is a short one but the markets are likely to keep their eyes glued on the upcoming trade talks between US and China. There is turmoil being witnessed in Turkey after its currency has been hit on account of friction with the US and other local issues. The markets will also keep a watch on other global events like the OPEC meeting, release of FOMC meeting’s outcomes, crude prices etc. Technically this week, we are likely to see NIFTY at the levels of 11,550 given the strong uptrend that we have noticed and also confirmed by the NIFTY daily, weekly and monthly chart. Under these circumstances there are always those chances of the markets consolidation and correcting. However having said that, we must all participate in this rally and stay discplined at all times. All the best!

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