Hello reader, hope you’re doing well. Weak global cues are likely to dampen investors’ sentiments in early Friday trades amid the rate hike fears in the US after the strong ADP jobs data. Higher treasury yields weighed on the tech sector, with Nasdaq receiving fresh drubbing. Also, escalating US-China tensions, and rising recession fears as Chinese data showing industrial activity weakened in June could dent market sentiment. Technically, Nifty may face a hurdle at the 19577 mark, while any further escalation could push the index towards the 19900-20000 zone.
Important points to note:
- With today’s dull opening in the markets, we can expect a good consolidation in the 19400-19500 zone on Nifty.
- Overall a slightly red day in markets today, a good profit booking zone here.
- From here on, 18600-18800 zone to act as a key support point, as we’ve crossed and sustained comfortably above this zone for a few days now.
- IDFC bank in a good consolidation zone, looks good for targets of 100+ on a positional trade.
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.