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Indian shares markets fell sharply on Friday giving up intra-day positive factors. The sharp fall in the direction of the later half of the session dented sentiment in an in any other case range-bound week. On Friday, the NSE Nifty 50 index closed down 1.08% at 11,178.40, ending the week 0.32% decrease. The S&P BSE Sensex settled 1.13% decrease at 37,861.86, ending the week 0.43% down.
Both indexes had risen over 0.5% every through the session on Friday on expectations of extra financial reduction measures from the federal government.
“In the coming week, participants will be eyeing the next hearing on the AGR dues, which is scheduled on Monday. And, since we are closely following global markets, developments on the further stimulus package in the US, US-China trade tension would also be on investors’ radar. At the same time, we will continue to see action on the broader front as several companies would be announcing their numbers next week,” mentioned Ajit Mishra, VP Research, Religare Broking.
“Nifty has been facing tremendous pressure around 11,350 for the last three weeks and a decline below 11,100 may push the bulls on the back foot. We were anticipating some respite from the banking front but a sharp decline on Friday derailed that momentum. Keeping in mind the scenario, we advise continuing with a stock-specific trading approach and maintaining the leveraged positions hedged.”
Dalal Street Week Ahead: Here is what analysts say
Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking
“11300 – 11350 is considered to be a sturdy wall. Firstly, the 78.6% retracement of the entire fall from 12430.50 to 7511.10 comes around it. Secondly, the 100% ‘Price Extension’ of the first up leg (7511.10 – 9889.05) from 8806.75 precisely coincides around 11300-11350. Going ahead, a breach of 11100 would lead into an immediate correction towards 10975 – 10875. Here, 10875 would be seen as a key support, because a breach of this would result in a strong corrective move in the next few days.”
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
“The short term trend of Nifty has turned down and one more expect some more weakness in the coming sessions. The crucial lower supports to be watched around 11000-10950 in the next few sessions, before showing any upside bounce from the lows. However, the short term trend of Nifty seems to have reversed, but the intermediate trend remains intact. This is valid as long as the important lower support of 10900 levels holds.”
Vinod Nair, Head of Research at Geojit Financial Services
“The week ahead for the global markets will be shaped by the outcome of US-China meeting, and with Indian markets increasingly in sync with global cues, this could have an impact on the opening days of the week. Any indication of another stimulus package by the government will benefit the markets. Focus will remain on earnings visibility and with liquidity remaining high, any corrections may be bought into. However, we advice to be in an accumulation mode and focus on quality stocks.”
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