Hello reader, hope you’re doing well. Early trades today may see markets drifting lower, as major US indices ended on a lower note leading to mixed Asian trading. Despite favorable economic readings on moderating inflation and improved IIP growth released yesterday, the markets may take a break from the continuous uptrend observed over the past six to seven sessions. Additionally, the US FOMC minutes have raised concerns of a potential recession, as the Fed expects banking instability to be the cause, while rising oil prices to USD 83 per barrel have reignited inflation fears. Following TCS’s better-than-expected results on the revenue parameter, there will be keen interest in the Infosys earnings, which are set to be announced later today.
Important points to note:
- Nifty at key levels of 17800, and a breakout above these levels can push it up to 18000-200 levels.
- 18200 on daily charts is also the key 61.8% retracement level which can be tested anytime soon.
- Banknifty nearing key levels of 42000, which is also the budget day’s high point.
As always, risk management is key, and a proper system in place prevents one from losing out too much, in case of outlier events. Have a good trading day, and may the force be with you!
Disclaimer: this post is for educational purposes only, we are not SEBI registered analysts. Trades mentioned here are not trade recommendations. Equity Investments are subject to 100% market risk, please consult your financial advisor before investing.