Market View: 23-27 JUL 2018

Filed in Market Update by on July 23, 2018


Week Market View: 23-27 JUL 2018
View Last week the NIFTY closed at 11010.20 almost the same closing as previous week. Good movements were seen in midcaps and large caps. After a long time we could see some buying from the FII’s which is a very positive sign. However the markets seemed to be breathing after the rally seen in the last couple of weeks forming a DOJI pattern on the weekly chart. The DOJI is a sign of indecisiveness so unless we get some fresh triggers we can expect the markets to consolidate this week as well. This week the focus would continue to be on the ongoing quarterly results. Also we would see the markets reacting to the outcome of GST council meet on revising tax rates on some items. The week also marks F&O expiry which is likely to keep the markets volatile. On the global front the markets would also take some cues from the US-China trade war, crude prices and the rupee-dollar index. The NIFTY will take a good support at 10900 and will face good resistance at 11100 levels. Let’s have a cautious approach this week. All the best!

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