During the later part of the week, markets staged a heartening bounce back from their weekly lows during the week ended
Benchmark indices - the Sensex and the Nifty - closed the week 0.59 per cent and 0.54 per cent lower at 28,067.31 and 8,518.55, respectively.
Markets traded weaker for the better of the week but spurred by better than expected macro economic data. During the later part of the week, markets staged a heartening bounce back from their weekly lows during the week ended.
Benchmark indices — the Sensex and the Nifty — closed the week 0.59 per cent and 0.54 per cent lower at 28,067.31 and 8,518.55, respectively.
Mild selling pressure was seen in Midcaps and Smallcaps. IIP at four month high, inflation at seven month low and increased indirect tax collections were positives. Chinese currency devaluation has raised fears of a full fledged currency war and sparked a major midweek sell off around the world. The government is reportedly preparing for a two-day session of Parliament in September to pass the GST Bill ahead of the Bihar elections.
With the end of Q1, near term direction of markets will depend on progress of monsoon, rupee movement, investment trends of FIIs and global cues from China and Greece.
For the week ahead, chartists predict trading range of 27,650-28,550 for the Sensex and 8,385-8,690 for the Nifty. Immediate supports for the indices are at 27,850 and 27,600 and 8,450 and 8,380.
(C. Kutumba Rao is an avid follower of stock markets.
This newspaper is not liable for decisions made on the basis of this column. Views expressed in the article are personal views of the writer.)
( Source : deccan chronicle )
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