Sorry for the delay in posting, in fact HBJ Team after predicting wrong for 3 days decided to wait and watch for IIP data, and now IIP data has come 7.1% which is better then market expectations.
Looking at this statistic, we would like to react to this news and would suggest our readers to go for Nifty Long or Call Option from here, we are at the bottom and downside is limited but upside is more. Our expectations are Nifty might close between 1-2% highers today.
Market Wrap-Up:-
Weak global cues along with intense selling pressure across-the-board dragged down key equity indices on Thursday with the 30-share Sensex of the Bombay Stock Exchange (BSE) closing the day at 14,324, a fall of 338.32 points or 2.31%.
The broader National Stock Exchange (NSE) Nifty went down by 109.95 points or 2.5% ending at 4,290.30 points. Dealers in the market say that traders and investors decided to stay away from buying ahead of the announcement of inflation figures, which fell to 12.10% for the week ended August 30 against 12.34% declared last week.
The markets also witnessed huge selling from foreign institutional investors (FIIs). The rupee continued its slide to third straight day and virtually hit a two-year low of 45.57/58 against the dollar on Thursday on sustained dollar demand from oil refiners and stronger U.S. currency overseas.
Markets were under pressure as global markets were in negative territory. Players refrained from taking any further positions. However, if global cues turn positive Friday, and domestic inflation and IIP data comes better than estimates, we might see some pull-back rally.
If global cues remain weak on slowdown concerns, they may negate the probable positive impact of IIP data. The depreciating rupee will add to imported inflation. Also, till inflation is running in double digit, players will trade cautiously. Overall sentiment is negative, but looking at the options data, market may inch up if global cues turn neutral to positive. Nifty range is still seen at 4200-4600.
-HBJ Team
Looking at this statistic, we would like to react to this news and would suggest our readers to go for Nifty Long or Call Option from here, we are at the bottom and downside is limited but upside is more. Our expectations are Nifty might close between 1-2% highers today.
Market Wrap-Up:-
Weak global cues along with intense selling pressure across-the-board dragged down key equity indices on Thursday with the 30-share Sensex of the Bombay Stock Exchange (BSE) closing the day at 14,324, a fall of 338.32 points or 2.31%.
The broader National Stock Exchange (NSE) Nifty went down by 109.95 points or 2.5% ending at 4,290.30 points. Dealers in the market say that traders and investors decided to stay away from buying ahead of the announcement of inflation figures, which fell to 12.10% for the week ended August 30 against 12.34% declared last week.
The markets also witnessed huge selling from foreign institutional investors (FIIs). The rupee continued its slide to third straight day and virtually hit a two-year low of 45.57/58 against the dollar on Thursday on sustained dollar demand from oil refiners and stronger U.S. currency overseas.
Markets were under pressure as global markets were in negative territory. Players refrained from taking any further positions. However, if global cues turn positive Friday, and domestic inflation and IIP data comes better than estimates, we might see some pull-back rally.
If global cues remain weak on slowdown concerns, they may negate the probable positive impact of IIP data. The depreciating rupee will add to imported inflation. Also, till inflation is running in double digit, players will trade cautiously. Overall sentiment is negative, but looking at the options data, market may inch up if global cues turn neutral to positive. Nifty range is still seen at 4200-4600.
-HBJ Team
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