This is the excerpts from my morning market view that is posted early in the morning in my blog. This is not a prediction or trading tip. This is an analysis of premarket macro narrative.
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European and US markets consolidate at near swing highs
FIIs moderated their sales in cash market
Asian Markets trading negative territory
Uncertainty in India-China border stand-off
Global Markets: Consolidation
Both US and European markets consolidated near their swing tops while Europe ended with a small positive, US markets ended in small negative. European and US futures are trading in negative territory this morning. Emerging market asset ETFs were up in the US yesterday. However Japanese yen continues to gain for third day. The Dollar index and gold consolidated. Copper continues to trend lower.
ASIAN Markets this morning: - consolidation with negative bias
Asian markets are trading in negative territory. Most of the indices opened flat but went down soon after and are currently trading sideways. SGX nifty is trading about 100 points below Nifty’s yesterday close.
There is no significant calendar event planned for today as well. Forex reserve position, deposit and loan growth will be released tomorrow.
India : Border uncertainty continues
There is an uneasy calm after the escalation of border tension with China. While news flow suggest that both governments are trying to de-escalate the situation, as retail investors /traders we will never know the ground situation until it is too late. The good news is that FIIs who sold heavily both on bond and equity markets day-before yesterday, moderated it yesterday. The net sell position was smaller. I feel, FIIs may not sell much in the coming days as well. Both India and China are likely to calm the nerves diplomatically.
How will Nifty take all this opposing pulls and pressures today? Click here to find out
Disclaimer: Author is not responsible or liable, directly or indirectly, for any form of damages whatsoever resulting from the use (or misuse) of information contained in or implied by this posting. This should not be relied on as a source of financial, investment or trading advice. What works for one individual may not work for anyone else. Always consult and check with your financial advisor. I am an active trader therefore I have conflict of interest with whatever I have mentioned here.