Market View: 5-9 FEB 2018

Filed in Market Update by on February 5, 2018

 

Week Market View: 5-9 FEB 2018
View Last week the NIFTY closed at 10760.60 registering a loss of 2.79% over previous week. After 29% rally the last year, NIFTY witnessed a major fall of 250 points on Friday. The index broke the support of 10800 on the charts. The markets may not have liked the introduction of LTCG, higher fiscal deficit target, dividend distribution tax on equity oriented MF’s and global weakness. The current formation on the daily chart looks like the markets will continue this trend for some while and correct further. After the correction the markets will shift their focus towards the earnings again which have been good so far. This week a lot of major companies like PSU banks, the TATA group and other automobile companies will announce their results. Also the RBI policy will be closely watched. Let’s wait and watch how things shape up for this week. 10500 will be all important support for NIFTY from here on. Let’s stay away from the markets for this week and have a wait and watch approach. All the best!

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