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Market Commentary
GST development & moonsoon must be the watching point on the indices: Amrapali Aadya Trading & Investemnts
Posted On : 2017-06-18 22:00:45( TIMEZONE : IST )
Mr. Abnish Kumar Sudhanshu, Director & Research Head, Amrapali Aadya Trading & Investments:
On Monday, indices remained on the cautious note ahead of inflation and IIP data, due end of the day. Further, US Fed Reserve policy also continues to put pressure on the market on the downside. Following macroeconomic data, farm loan waivers provided a fresh concern on the credit discipline and weak risk-reward for banks, which will reduce credit availability for borrowers. However, moving ahead in the week, market remained subdued without any clue. Finally, the US Fed again raised interest rates by 25 basis points and announced gradual bond-trimming plan by shrinking its USD 4.5 trillion in bond holdings. Overall, benchmark indices remained under the grip of selling pressure due to global as well as domestic factors and managed to close on the flattish note.
Though, next week is not having any macroeconomic data nor having some important event. So we are unlikely to see much volatility in the market. However, GST implementation date is approaching fast so indices are likely to take trigger from the GST development. Further, progress in monsoon in other parts of India must be the watching point on the indices. Hence, we expect range bound trade for indices on account lack of trigger in the next week.
Market followed earlier week's doji candle and ended up with a bearish candle in the last week with some continued selling pressure. Nifty is facing gradual downside movement on the daily charts but supported by 20DMA very strongly in the present scenario. All other momentum indicators have now started declining but the downside seems to be protected by a strong level of 9540 where only a close below could bring more downside pressure over short term. On the flip side, 9650 will be the strong resistance for coming week above which bulls should remain in control over the bears and would attract more upside.