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Published on 24/05/2019 5:28:26 PM | Source: HDFC Securities Ltd

Market Closing Quote - HDFC securities

Posted in Expert Views| #Expert Views #HDFC Securities

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Below is the views on Market Closing Quote by Mr. Deepak Jasani, Head of Retail Research, HDFC securities.

Markets bounced back smartly on Friday after the sell off seen in the previous session. Indian equity indices closed at record highs post the Narendra Modi-led government being re-elected for a second term. A strong mandate for the NDA was interpreted positively by market participants  as economic reforms would be decisively implemented. A slide in Crude oil prices also helped boost the market sentiments. The Nifty index ended  the week on a euphoric note 187.05 points or 1.6% higher at 11,844.1.    

UK Prime minister Theresa May said she will resign as the prime minister of United Kingdom on June 7. May said her successor will have to find a parliament consensus on Brexit issue. Meanwhile in the US, in overnight comments, Trump labelled Chinese telecommunications giant  Huawei Technologies Co Ltd "very dangerous" while adding issues with the firm might  be  resolved within the framework of a broader trade deal, though no high-level talks have been scheduled. The U.S. Commerce Department said on Thursday it was proposing a new rule to impose anti-subsidy duties on products from countries that undervalue their currencies, in another move that could penalise Chinese products.    

Technically, with the markets surging higher, the underlying trend remains up.  Further  upsides are likely in the coming week once the immediate resistances of 11858-11884 are taken out. Crucial supports to watch for resumption of weakness is at 11658-11591.

 

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