MARKET GLIMPSE FOR THIS WEEK
By Andrews Joseph
- Nifty has broken all the resistance level and Important level of 15,962 on 3rd Aug 2021 and kept a non stop rally and closed at all time high of 16529 on Friday.
- The rally is not even across all sectors hardly around 8 to 10 stocks which contributed to the rally.
- Bank nifty is yet to make all time high as growing concerns of npa's in some banking stocks. Let us see how banking stocks perform coming weeks. If it continued to move up it may help nifty to hit all time high again.
- Midcap and small cap stocks are underperforming especially auto and pharma sectors.
- When it comes world indices American markets such as S&P 500 , Nasdaq and Dow ended in positive. European market especially Dax German market has bounced sharply.
- Important events for nextweek Monday 16th August we have Japan GDP data will be released before our market open, Tuesday UK unemployment data and Euro GDP data and most important event is US FOMC MINUTES ON WEDNESDAY.(Federal open market committee).
- Currency market especially euro against usdollar .the interesting fact is euro has pulled back to where we were in March lows at 117. If this breaks usdollar will be strengthen and euro weakness. But important event which as I mentioned on point 6 the euro gdp data.if the data comes with decent number. The usdollar will see weakness.
- Gold and Silver almost had flash Crash on last week went touched last year low .but bounced back sharply in a day or two and on the verge of upside.
- Indian markets are likely to consolidate in coming days by looking at the option chain analysis.
- The ongoing Afghan crisis will be monitored closely to see whether it will have an impact on global markets.
You may think why iam talking about usdollar in my blogs . Reason almost all the commodity sectors around the world are traded in dollars.
Observation: last week we had several U.S economic data which is supportive for usd . Despite of that Dollar index is underperforming.
Quote for the day
“ You must be the change you want to see in the world"- Mahatma Gandhi.
Disclaimer: The above content is only for training and educational purpose only. Views may differ from one person to other person. I don’t recommend anyone to trade based on the above information. Trading and investment involves huge risk. Please consult your financial advisor.”
Thanks nice observation
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