Hello reader, hope you’ve had a good weekend. Early optimism could be seen in local markets on the back of steady to firm gains in many Asian peers after China announced stimulus measures to revive its sagging economy. In case the FII sentiment improves, we may see extended gains as recent economic data such as robust GST collections, strong auto sales numbers for August, and higher Q1 GDP numbers suggest that global macroeconomic uncertainty has not affected India’s performance. Technically, after Friday’s sharp rebound, the bullish sentiment may continue, and in the backdrop of strong global cues Nifty’s hurdle remains the 19650 mark.
Important points to note:
- Nifty has given a falling trendline breakout as of today. Gap filling from open to friday’s close likely, post which we can see a continuation of the rally.
- Coal India looks good for a rally upto 270 levels.
- Canara Bank being one of the strongest in the PSU basket for a good upside upto 370-400 levels.
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.