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MARKET OUTLOOK OF THE WEEK: 09-10-2017

MARKET OUTLOOK OF THE WEEK: 09-10-2017
October 13
02:24 2017

After sharp correction markets recovered from Tuesday onwards and on Friday it closed positively at 9979.  Nifty is facing resistance at 10000.  If Nifty could move above 10000 with high volumes then it may move towards 10236.   Support for the Nifty is at 9965 and 9716.  If Nifty moves down below 9716 then we can see heavy sell-off, but chances are remote. Last week India’s Reserve Bank kept its key interest rates as same, but market did not reacted to the interest rate decision.

Bank Nifty shown minor recovery on Friday and it is in the overbought zone, can give further more strength in the days to come.  Bank Nifty has resistances at 24412 and 24467.   Immediate support for the Nifty is at 23996 and 23675.   PSU Banking Nifty is also recovered marginally on Friday is likely to inch up next week also.

Metal, IT and Pharma Indices are also looks better on charts, among the three metal sector has limited upside and the other two sectors will move up sharply because sustained buying interest in the front line Pharma stocks.  Other than these sectors Energy sector is also poised to move up sharply, heavy weight stocks in this sector are really on the verge of a breakout will support the Nifty in the days to come.  Nifty Energy Index has resistance at 13643 and support at 13055.

US Consumer Inflation Expectation, US Continuing jobless claims, Initial Jobless Claims and Core Inflation Rate YoY are expected next week.   From the domestic side Balance of Trade, Industrial Production, Manufacturing Production, Inflation Rate, Foreign Exchange Reserve data’s are due.

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ALEX MATHEWS

ALEX MATHEWS

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