Market View: 21-25 MAY 2018

Filed in Market Update by on May 21, 2018

 

Week Market View: 21-25 MAY 2018
View Last week the NIFTY closed at 10596.40 registering a loss of 1.94% over previous week. That was a closing below the important support levels of 10600. It has shown a bearish engulfing candle on the weekly chart. It could be attributed to the lack of majority for the BJP in the Karnataka elections. This would temporarily halt the NIFTY’s upwards move for some time. We could soon start seeing profit bookings coming in. This does not mean that a trend reversal is happening, we could call this phase as a cool off after the good rally that we saw in the last couple of months. Crude prices is a worry in the short term and there seems to be no immediate correction happening. We should all take a cautious approach this week. Any close below 10500 could trigger a big fall. Keep a low profile. All the best!

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