Market View: 7-11 MAY 2018

Filed in Market Update by on May 7, 2018

 

Week Market View: 7-11 MAY 2018
View Last week the NIFTY closed at 10618.25 registering a loss of 0.7% over previous week. The NIFTY closed in red on three consecutive days and has shown a bearish candle on the weekly chart after a long while. It’s a clear indication that the markets will pause for a while here. We must be cautious if NIFTY closes below 10500 in the coming week. 10500 will act a good support for NIFTY in the short term. The earnings season has been good so far and more than 500 companies would be announcing their results this month and around 200 companies would be announcing their results this week. So all eyes would be glued on this event. The Karnataka elections to be held on 12th MAY is another great event to watch out for. It’s not only important for the markets in the short term but it’s an event that would give us a sense of the general elections in 2019. Overall we should have a cautious approach this week and keep a low profile. All the best!

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