The Nifty is trading precariously close to the elementary support of 200-WMA. As seen earlier in 2011, 2012 and 2013, during corrective phases; Nifty usually tends to make panic lows near its 200-WMA.
Fridays have been good for the stock market in recent weeks and investors will hope this week it’s no different. Moody's Investors Service estimates a stable GDP growth at around 7.5% in 2016 and 2017 for India. OECD has pegged India's growth at 7.4% from 7.3% suggested earlier. IIFL’s Enterprising India conference which is celebrating its 7th year has over 100 companies in attendance and the mood is not yet upbeat as one may want to but optimism is never short among corporate and funds alike.
The outlook is flat to weak opening. The Nifty is trading precariously close to the elementary support of 200-WMA. As seen earlier in 2011, 2012 and 2013, during corrective phases; Nifty usually tends to make panic lows near its 200-WMA. We already have seen a pullback in last week’s trade from this moving average. Moreover, Index has provided a pullback from lower-end of the orbit placed 6889 and in the process it has crossed above the mid-point of the cycle, suggesting a rally towards 7225 in the near term. Sustenance above the same, could lead an extended pullback towards 7390.
IPOs which were spoken about with great vigour just a month ago have turned depressing. Quick Heal Technologies will require a healing touch to its price as it listed at a discount and closed with losses.
The week-long Make in India event has secured investment commitments worth Rs 15.2 lakh crore.
Asian markets are depressed. US stock indices closed modestly lower on Thursday, as investors stepped back after a three-day rally. US stocks have advanced this week on the back of rising oil prices. Among Indian ADRs, Wipro and ICICI Bank rose while Vedanta dropped. Dow which swung between slight gains and losses, lost 40.40 points, or 0.3%, to end at 16,413.43. The S&P 500 index shed 8.99 points, or 0.5%, to finish at 1,917.83 after spending the session in a 15-point range. The S&P 500’s telecom and utilities sectors both rose more than 1% while other eight sectors finished lower. The Nasdaq Composite index declined by 46.53 points, or 1%, to settle at 4,487.54.
San Francisco Fed President John Williams said that the US economy is still looking pretty good despite volatile markets. Williams is not a voting member of the Federal Open Market Committee (FOMC) this year.
Separately, media reports indicated that Saudi Arabia was not prepared to cut oil production on the heels of the output-freeze proposal, citing Foreign Minister Adel Al Jubeir.
First-time claims for unemployment benefits fell to the lowest level and three months last week, while a gauge of manufacturing activity in the Philadelphia area contracted for a sixth straight month.
Indian Oil Corp is reportedly planning to acquire 40% stake in the country's largest refinery project which is slated to come up on the western coast in Maharashtra, while two other state refiners—Bharat Petroleum, Hindustan Petroleum—may own 20% each.
US fighter jet maker Lockheed Martin reportedly said it is ready to manufacture F-16 aircraft in India.
Passenger traffic continues to grow in double digits in 2016, according to DGCA data.
Textiles Minister Santosh Kumar Gangwar said that the long awaited National Textile Policy is nearing finalization and is likely to be issued before the end of April, 2016.
The outlook is flat to weak opening. The Nifty is trading precariously close to the elementary support of 200-WMA. As seen earlier in 2011, 2012 and 2013, during corrective phases; Nifty usually tends to make panic lows near its 200-WMA. We already have seen a pullback in last week’s trade from this moving average. Moreover, Index has provided a pullback from lower-end of the orbit placed 6889 and in the process it has crossed above the mid-point of the cycle, suggesting a rally towards 7225 in the near term. Sustenance above the same, could lead an extended pullback towards 7390.
IPOs which were spoken about with great vigour just a month ago have turned depressing. Quick Heal Technologies will require a healing touch to its price as it listed at a discount and closed with losses.
The week-long Make in India event has secured investment commitments worth Rs 15.2 lakh crore.
Asian markets are depressed. US stock indices closed modestly lower on Thursday, as investors stepped back after a three-day rally. US stocks have advanced this week on the back of rising oil prices. Among Indian ADRs, Wipro and ICICI Bank rose while Vedanta dropped. Dow which swung between slight gains and losses, lost 40.40 points, or 0.3%, to end at 16,413.43. The S&P 500 index shed 8.99 points, or 0.5%, to finish at 1,917.83 after spending the session in a 15-point range. The S&P 500’s telecom and utilities sectors both rose more than 1% while other eight sectors finished lower. The Nasdaq Composite index declined by 46.53 points, or 1%, to settle at 4,487.54.
San Francisco Fed President John Williams said that the US economy is still looking pretty good despite volatile markets. Williams is not a voting member of the Federal Open Market Committee (FOMC) this year.
Separately, media reports indicated that Saudi Arabia was not prepared to cut oil production on the heels of the output-freeze proposal, citing Foreign Minister Adel Al Jubeir.
First-time claims for unemployment benefits fell to the lowest level and three months last week, while a gauge of manufacturing activity in the Philadelphia area contracted for a sixth straight month.
Indian Oil Corp is reportedly planning to acquire 40% stake in the country's largest refinery project which is slated to come up on the western coast in Maharashtra, while two other state refiners—Bharat Petroleum, Hindustan Petroleum—may own 20% each.
US fighter jet maker Lockheed Martin reportedly said it is ready to manufacture F-16 aircraft in India.
Passenger traffic continues to grow in double digits in 2016, according to DGCA data.
Textiles Minister Santosh Kumar Gangwar said that the long awaited National Textile Policy is nearing finalization and is likely to be issued before the end of April, 2016.
No comments:
Post a Comment