Market Outlook

Outlook for Nifty future for week ending July 26, 2019 (weekly view): For the week ended 19^th May, 2019, price witnessed a sharp fall on the last day of the week & closed at an Eleven week low, a consolidation break-down on chart is also seen. The price action suggests the intermediate trend to be weak, with the weekly trend deciding level placed at around 11527. Considering the intermediate trend & chart structure it suggests a sell on rise strategy for trend based traders. Any initial rise in price towards the zone of (11505-11530) likely to offer a shorting opportunity with stop placed above 11590 (which coincide with the 100-DMA mark on daily chart). The immediate support zone is placed at (11341-11320) & it is expected that on the event of initial fall in price during the week price likely to get arrested around the stated support. It is to be noted that price has the potential to move further lower (if supply pressure intensifies) to test its’ 200-DMA mark around 11150. Hence any contra buy around support should be done with strict stoploss basis.

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What next in the Indices?

For Friday, July 19, 2019, the trend reversal point for Nifty stands at 11591 in spot. Any close BELOW 11591 in spot on Friday will change the trend in Nifty to NEGATIVE. Again, that for Bank Nifty, this level stands at 30823 in spot. This implies that a close ABOVE 30823 on Friday for Bank nifty in spot will change the trend in that index in to POSITIVE.

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Commodity Market Update (Gold)

Precious metals on Comex rallying after emergency bailout talks between Greece and it’s international creditors broke down. Gold future prices are trading $1178 an ounce, higher by five dollars after making a high of $1187 while Silver future prices are trading at $15.78 an ounce, up by five cents after making a high of $15.99. On Nymex, WTI Crude Oil prices dropped sharply as Greece looked set to default on its debt repayment this week which dampening demand of the crude oil. Crude Oil is selling at $58.10 per barrel, lower by more than two-and-half percent. Natural Gas is trading at $2.78 per mmBtu, up by half-a percent. On LME, all the base metals are trading in the red on fear of the global growth outlook. Nickel sinks most to six-year low to trade at $11845 per tonne, fell by almost five percent while Copper is currently quoting at $5767 per tonne, down by 25 points. Lead and Zinc prices are trading at $1765 and $2013 per tonne, lower by 16 and 13 points respectively.

Closing Summary, Market Synopsis: 29 th June, 2015

Markets end lower amid fears of Grexit from euro: Markets ended lower on Monday, amid weak global cues, after Greece and international creditors which failed to come to an agreement over debt payments raised fears of Greece's exit from the euro zone. The 30-share Sensex ended down 167 points at 27,645 and the Nifty ended down 63 points at 8,306. Markets slumped in initial trades with the Sensex plunging over 500 points in intra-day trade following the debt crisis in Europe. However, markets staged marginal recovery in the latter half of the trading session led by FMCG shares. Further, reports suggest that the Greek government on Monday confirmed that banks will be closed all week, after a decision by the European Central Bank (ECB) not to extend emergency funding.

Morning Summary, Market Synopsis: 29 th June, 2015

Market Opens down on Greece worries: Markets have kick-started the week in the red tracking cues from the Asian peers after Greek debt crisis worsened and Greece’s exit from the Euro Zone seemed inevitable. Over the weekend, Greece and its international creditors yet again failed to sign a truce to avert a default. The Greek drama is likely to dictate the trend on the bourses this week.

At the opening bell, the Sensex dropped 520 points or 1.8% at 27,292 levels while Nifty was at 8,222 levels, shedding 160 points or 1.82%. The rupee opened at 63.84, depreciating by 20 paise against its previous close of 63.64. Meanwhile, Greek banks and stock exchange would be shut on Monday.