MENU

Published on 15/11/2019 4:54:46 PM | Source: TradingBells

Views On US China Trade war will have major impact in Global and Indian Market - Mr. Santosh Meena

Posted in Expert Views| #Expert Views #TradingBells

Below is the Views On US China Trade war will have major impact in Global and Indian Market By Mr. Santosh Meena, Senior Analyst, TradingBells

 

Result season has almost ended whereas week gone had lots of events but the market remained range-bound with lots of intraday volatility for the last few days. After a season of festivity, we will have five working days in the upcoming week and there are no major events lined up but still there is a good chance that Nifty may hit a fresh all-time high in next week.  Global cues, especially development on the US-China trade war front will have a major impact on the global as well as Indian market. Saudi Aramco's IPO will be in focus as the IPO will open on 17th November. On the domestic front, the Auto scrappage policy may get a final nod which will have a positive impact on auto companies.      

Nifty and Banknifty are consolidating before hitting their fresh all-time high but they are not showing any major signs of weakness. The overall trend of the market is bullish and buy on dip strategy will continue to work till Nifty trades above 11700 mark. 12000-12100 is one supply area but once Nifty will cross 12100 mark, it may see further bullish momentum where 12300 will be an immediate target.    

Banknifty manages to cross the psychological mark of 31000 where 31350 is an immediate resistance, above 31350, it is likely to cross previous all-time high of 31783 where 32800 will be the next target. In the downside 31300-31100 zone has become a strong base. In private banks, Kotak Mahindra Bank is breaking out symmetrical triangle formation to hit fresh all-time whereas HDFC Bank is again showing decent strength and both may help Banknifty to hit a fresh all-time high.    

Most of the PSU banks are showing signs of strength for a move of 15-25% in the coming days where the Nifty PSU Banking index is likely to form a bullish inverse head and shoulder formation. Other than this, the Nifty pharma index is also showing signs of bottoming out and it may outperform in the coming days where Lupin and Divislab are showing attractive chart patterns.

 

Above views are of the author and not of the website kindly read disclaimer