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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Will nifty continue with its sharp up move?
Positives:
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Both FIIs & DIIs bought in the cash market
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Global markets are holding the recent gains and consolidating
Negatives:
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Uncertainty in India-China border stand-off continues
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Thin volumes
Global Markets: -Consolidation
US and European markets are continuing to consolidate and hold their recent gains. Both US and European markets ended negatively yesterday. Other asset classes are consolidating as well. Bloomberg reports that the trading volumes in global markets are lower and it is one third of average volumes. Japanese yen, dollar are holding gains and trading largely unchanged this morning.
ASIAN Markets this morning: - consolidation
Asian markets are trading mixed this morning. No major movement except in Australian Index which is up by close to 1%. Other markets are in sideways coil with small gain or loss. SGX nifty is trading about 50 points below Nifty’s yesterday close.
Calendar events
Forex reserve position, deposit and loan growth will be released today after market closes.
India : -Relief rally but no depth
The border situation is calm currently although there is no progress in resolving the issues. Indian markets were sharply up yesterday on the back of both FIIs and DIIs buying in cash market yesterday. Nifty broke psychological market of 10k with confidence.
How will Nifty perform today? Lets find out here
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.
