Market View: 4-8 JUN 2018

Filed in Market Update by on June 4, 2018

 

Week Market View: 4-8 JUN 2018
View Last week the NIFTY closed at 10696.20 registering a gain of 0.86% over previous week. The markets factored in for the MARCH quarter earnings and also the GDP data. On the NIFTY daily chart we could see bearish candle formations but on the weekly chart we could see indecisiveness. Hence this week the NIFTY is likely to consolidate with support coming in at 10,500 and resistance coming in at 10,800. This week the markets would keep an eye on the RBI monetary policy and also the progress of the monsoons. A good monsoon is very critical for our country as 50% of the population depends on agriculture which supports rural growth and earnings. The IMD has predicted a normal monsoon this year and is likely to cover the entire country by second week of June. The RBI also is likely to take a cautious decision based on the progress of monsoon and oil prices. The only worry for now is rising crude and the rupee. A rise in crude and fall in rupee could lead to a downside from here. Let’s have a cautious approach for this week. All the best!

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