NIFTY FUTURE TIPS | ROBUST START LIKELY FOR THE MARKETS:-
Indian equities are poised to open higher on Friday, despite subdued
cues from Asian peers. Bullish trend in the SGX Nifty, which was trading at
8,827.50, up by 39.50 points or 0.45 per cent, also signalled a robust start
for the Indian markets.
The Nifty50 has formed a Bullish Harami candle on the daily time frame chart.
Now, going forward, immediate resistance for Nifty50 is placed at 8820-8830, and if it sustains over 8820-8830 levels, further rally towards level of 8890 is likely. On the other side, 8700-8710 is a strong support zone for Nifty50.
Back home, after witnessing a flattish start, markets consolidated in the initial hour of trade. Thereafter, the momentum shifted towards bulls and the session ended with gains of about half a per cent.
The Dow Jones Industrial Average closed at a record high for sixth session in a row, while the broader market remained flat on weak energy and consumer discretionary shares. An announcement by President Donald Trump that a new health plan to replace the Affordable Care Act is likely by March ahead of his proposed tax reform also dampened sentiments. Investors had been bidding up stocks in expectation of Trump’s tax cuts, which are widely looked at as pro-business and supportive of the economy. The Dow Jones rose 8 points, while the S&P 500 fell 2 points and the Nasdaq Composite Index shed 4 points.
On Friday, Asian shares are trading on a mixed note as cues from Wall Street were not promising. Japan’s Index Nikkei 225 fell 106 points, Hang Seng gained 12 points and Shanghai Composite is trading flat with a single point gain.
The Nifty50 has formed a Bullish Harami candle on the daily time frame chart.
Now, going forward, immediate resistance for Nifty50 is placed at 8820-8830, and if it sustains over 8820-8830 levels, further rally towards level of 8890 is likely. On the other side, 8700-8710 is a strong support zone for Nifty50.
Back home, after witnessing a flattish start, markets consolidated in the initial hour of trade. Thereafter, the momentum shifted towards bulls and the session ended with gains of about half a per cent.
The Dow Jones Industrial Average closed at a record high for sixth session in a row, while the broader market remained flat on weak energy and consumer discretionary shares. An announcement by President Donald Trump that a new health plan to replace the Affordable Care Act is likely by March ahead of his proposed tax reform also dampened sentiments. Investors had been bidding up stocks in expectation of Trump’s tax cuts, which are widely looked at as pro-business and supportive of the economy. The Dow Jones rose 8 points, while the S&P 500 fell 2 points and the Nasdaq Composite Index shed 4 points.
On Friday, Asian shares are trading on a mixed note as cues from Wall Street were not promising. Japan’s Index Nikkei 225 fell 106 points, Hang Seng gained 12 points and Shanghai Composite is trading flat with a single point gain.
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