Professional Documents
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2018
Market commentary
Nifty 50 benchmark index ended at day's low with Nifty slipped below 10,800 and
Sensex fell over 200 points as selling pressure seen in major banking, pharma and
metal names. The market breadth was on decline with 809 shares have advanced,
1721 shares declined, and 143 shares are unchanged. PNB Housing, KEC, Graphite,
HEG, Ultratech, TVS Motor, Bajaj Finance, Page Ind are today's top gainers which
gains around 2% - 14 %. Allahabad Bank, Idea, Tata Motor DVR, IFB Ind, Tata
Motors, Mothersumi, Greenply are top losers which loses by 2% - 9%.
As today the cement sector and pharma has performed well because
of the rainy season and tomorrow the nifty may go down as today it is
consolidating and not able to break the resistance level of 10849 and the market
will be volatile due to expiry.
R2 R1 Pivot S1 S2
Nifty
10941 10889 10796 10744 10652
Technical Analysis
The Radico Khaitan Ltd is recently frame consolidation chart pattern on daily
chart. This stock is in uptrend since October 2017 and has made a high of around
495 in the last may 2018. The stock is consolidating within the range of 380- 420
and has not able to break this level. Radico Khaitan buy around current level at
396 -398 and target 412-430 and short stop loss below 379.
Market Highlights
A year after the levy’s rollout, decision making on the goods and services
tax (GST) could get overshadowed by politics as the election season takes
over. Already, the frequency of meetings has come down from an average
of over two a month till May to one in a gap of two and a half months. In
fact, the meeting in early May was held through video conferencing. The
next one is now slated for July 19. Reaching a consensus might also get
tougher, as already seen with issues like inclusion of natural
gas in GST and imposition of a sugar cess, both central proposals being
resisted.
Asian shares got the week off to a cautious start on Monday amid
lingering concerns about escalating trade frictions while U.S. oil
prices maintained hefty gains made after major oil producers had agreed
on a modest increase in production.S&P500 mini futures fell as much as
0.5 percent in early trade while MSCI's broadest index of Asia-
Pacific shares outside Japan fell 0.2 percent. Japan's Nikkei lost 0.4
percent.
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