India : Markets may open flat to positive; remain reactive of global cues
Fri Mar 24 2017
Rajesh Sharma (2002 articles)

India : Markets may open flat to positive; remain reactive of global cues

MUMBAI :

Nifty took a breather from its straight four breakdowns, and posted a reversal, closing above its sentimental resistance of 9040-9050 levels. The move was on the back of short-covering and gap filling, followed by quicker actions taking place in Lok Sabha regarding real estate and Finance Bills. Now markets are all set to get positive triggers from 4 GST supplementary legislations to be tabled soon. Going forward, we maintain 9118-9142 as the next upside targets, if 9095 is broken justifiably. On the contrary, if markets turnaround, taking cues from global bourses, we hold 9050 as the crucial support.The European markets ended Thursday’s session mostly on a positive note, except for UK’s FTSE 100  that ended in the negative territory with marginal losses of 8 points. The DAX of Germany surged 43 points and the CAC 40 of France rose 11 points.The U.S. stocks were off day’s highs and retreated to close almost flat to negative after the delay in healthcare votes was announced. Trump’s attempt to dismantle Obamacare and thereby conduct voting on the Healthcare Bill is set to be rescheduled on Friday. Nasdaq Composite and Dow Jones Industrial Average closed almost flat, while S&P 500 closed marginally down with 0.1% loss.

Rajesh Sharma

Rajesh Sharma

Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.

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