Domestic benchmark indices have ended with losses for 3 consecutive buying and selling periods now. S&P BSE Sensex settled at 53,514 on Wednesday after dropping 372 factors or 0.69% whereas the NSE Nifty 50 index shed 91.65 factors or 0.57% to finish at 15,966. While benchmark indices suffered, broader markets fared higher with midcap and smallcap indices gaining on Wednesday. Now, coming into the weekly futures & choices expiry session, SGX Nifty was suggesting a weak begin to the day’s commerce. Global cues had been combined after Wall Street indices closed within the purple.
Global watch: On Wall Street, Dow Jones closed 0.67% decrease adopted by S&P 500 and the NASDAQ index. Shanghai Composite was additionally down in purple whereas Hang Seng, Nikkei 225, TOPIX, KOSPI, and KOSDAQ had been up with beneficial properties.
What do the charts say: “A long negative candle was formed on the daily chart, that has overlapped the previous negative candle,” mentioned Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “Technically, this market action signal continuation of downside momentum and a lack of strength to sustain the highs,” he added.
Levels to be careful for: With the Nifty having fallen for 3 days straight, the short-term development of the market is seen to be weak. “Nifty is currently placed at the key lower support of 16000 levels. A decisive move below this support could drag the Nifty down to the next support of 15700 levels. A sustainable upside could resume above 16150 levels,” Nagaraj Shetti mentioned. Meanwhile, Om Mehra of Choice Broking sees assist for Nifty at 15850 and 15800.
FII and DII trades: Foreign Institutional Investors (FII) had been internet sellers as soon as once more on Wednesday. FIIs pulled out Rs 2,839 crore from home markets yesterday. Domestic Institutional Investors (DII) had been internet consumers, pumping in Rs 1,799 crore.
Inflation soars in US: Inflation within the United States skyrocketed to 9.1% in June, beating expectations. This did make buyers nervous on Wall Street as a extra hawkish US Federal Reserve can’t be dominated out now. India’s retail inflation slid marginally in June, as numbers reported earlier this week confirmed, nonetheless, it nonetheless stays properly above the tolerance band.
Source: www.financialexpress.com”