DATE: 11/01/2016
TECHNICAL VIEW:
·
The upcoming week is
scheduled for Q3 results coupled with domestic macro-data on industrial output
and retail inflation which will be released on January 12, followed by
wholesale inflation figures which will come out on Thursday.
·
Last week Markets across the
world had one of their worst opening weeks ever on rising concerns of a global
economic slowdown led by China and geopolitical concerns in the wake of North
Korea’s nuclear test.
·
Asian markets on Monday,
will react to the influential monthly US nonfarm payrolls report for December
2015 which was released on Friday, January 8, 2016.
·
Export-oriented sectors may continue
to witness margin pressures. The revenue growth for commodity-oriented
companies like metals and chemicals may remain tepid due to weakness in
commodity prices.
·
The focus will also shift
towards the ongoing pre-budget discussions between the finance ministry and
industry representatives.
·
The data on inflation based
on the consumer price index (CPI) for December 2015, is due to be announced by
the government after market hours on Tuesday, January 12, 2016.
·
Stocks of public sector oil
marketing companies (PSU OMCs) will be in focus as a regular fuel price review
is due during the middle of the month.
·
On global front, the
monetary policy committee of Bank of England will announce its decision on
interest rates on Thursday, January 14, 2016.
·
China releases two key
macro-data points - on trade and growth rate figures for the fourth quarter of
2015.
·
Euro zone industrial
production on Wednesday will give a picture of the underlying health of the
slowly recovering economy.
·
Next week will also see
Interest rate decisions of Central Bankers from South Korea, Chile, Poland and
Serbia.
·
Last week, the global and
Indian market were pulled down by the Chinese economic crisis and devaluation
of the yuan. There are chances that markets might rally in the coming week on
the back of specific announcements over the budgetary expectations by industry
bodies.
·
The World Bank lowered its
global economic growth forecast to 2.9 percent from its earlier estimate of 3.3
percent in June.
TECHNICAL
VIEW:
Nifty 50 (7601)
·
As mentioned in our early reports,
we are in a downtrend channel we can see Nifty breaking its support of
7530...7550 zone.
·
If Nifty maintains below
7500 on closing basis we can see 7400... 7200 in coming days.
·
Expectation of reversal can
be assumed around 7400...7200...6980.
As per our view, we saw today Nifty 50 broke 7500 and made a
double bottom 7494-7495, then moved up and filled the gap made this morning..
