MARKET COMMENT Mayuresh Joshi, Fund Manager, Angel Broking Trade war is expected to trigger a slowdown in industrial investments and also in output. That is what is putting pressure on world markets. If the Nifty cracking below the 10,000 mark is any indication, then the Indian markets are surely sufficiently worried. MARKET COMMENT Jayant Manglik, President, Religare Broking Nifty fell sharply today and breached its crucial support at 10000, pressurized by weak global cues. The escalation of trade war between the US and China triggered selling pressure across the global including ours. After the gap down start, Nifty remained sideways and failed to see any significant recovery. The decline was broad-based wherein Realty and PSU banking counters were the top losers for the second consecutive session. Earlier we're struggling with our own issues and pressure from the global front has worsened the situation. Besides, the breakdown of major psychological support at 10000 will further add to the worries. Traders have no option but to stay with the trend and use bounce to create fresh shorts. Nifty has next support at 9900. MARKET COMMENT Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan The Nifty has slipped significantly from the all time high of 11,171 registered in January this year. On the way down it has broken certain crucial supports & today another major support i.e. the psychological mark of 10,000 gets added to the list. This shows that the bears are clearly having upper hand on the index. During the course of the fall since January, each attempt to form pullback fizzled out near the crucial daily moving averages, which have attracted fresh round of selling each time. The recent bounce that lasted for couple of sessions couldn’t even reach those averages thus highlighting the bearish momentum. The same is evident from the momentum indicators as well; as the number of momentum indicators on various time frames are in sync with the bearish price action & are suggesting that the fall is far from over. In terms of Elliott Wave Theory, Nifty is witnessing wave extension on the downside, which means further downside over next few sessions. On the downside 9,830-9,800 will now be the initial area to watch out for with potential to slide down to 9,600 in the medium term. On the other hand, 10100-10230 shall act as a key hurdle zone. Nifty Bank index slips to a 9-month low, ends 1.95% down. Top losers: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) VOLUME YES BANK 286.65 298.25 -11.60 -3.89 21616971 CANARA BANK 244.75 254.65 -9.90 -3.89 6281487 AXIS BANK 499.50 518.20 -18.70 -3.61 29385012 PUNJAB NATL.BANK 93.15 96.55 -3.40 -3.52 23072291 ST BK OF INDIA 234.80 241.55 -6.75 -2.79 27145286 Nifty Metal index cracks 2.90%. Top losers: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) VOLUME S A I L 68.70 73.70 -5.00 -6.78 29845011 JINDAL STAIN .HI 155.30 165.40 -10.10 -6.11 992006 VEDANTA 276.00 291.80 -15.80 -5.41 13284893 JINDAL STEEL 213.75 224.90 -11.15 -4.96 19679234 HINDALCO INDS. 206.10 216.80 -10.70 -4.94 12818084 Sectoral Trend
The S&P BSE Sensex ended at 32,597, down 410 points while the broader Nifty50 index settled at 9,998, down 117 points.