Nifty Future Tips (Positional) Below 11210, Any Rise Sell Target 10500—10275 Trading Call – Neal Bhai
Nifty Future Last Call : Bank Nifty Futures Tips & Quotes – Below 29510 Target 28700—28200
After a brutal July, August has started on a sour note for Indian investors. Sensex and Nifty took a battering today, tracking a selloff in other Asian markets. The Sensex was down over 300 points while Nifty declined below 10,900 after an over 1% fall on Thursday. Asian markets tumbled today after US President Donald Trump vowed to impose a 10% tariff on $300 billion of Chinese imports from September 1, jolting global financial markets. The rupee also fell against the US dollar today.
Here are 10 updates from Indian stocks markets:
1) In an earnings-heavy day, SBI, HDFC, ITC and Andhra Bank, among others, will announce their quarterly results today.
2) SBI is expected to post a net profit of ₹4,106 crore in the three months to June 2019, as against a loss of ₹4,875 crore in the same period last year, according a Bloomberg poll.
3) Shares of SBI, which fell over 4% on Thursday, were down over 1% in early trade.
4) After offloading Indian shares worth $2 billion in July, foreign investors sold over ₹1,000 crore of shares on Thursday.
5) “The underlying short-term trend remains down. Further downsides are likely once Nifty breaks the support of 10,881. Any pullback rallies could find resistance at 11,077-11,108,” said Deepak Jasani, head of retail research at HDFC Securities.
6) The rupee was also weak today, falling to 69.21 against the US dollar, as compared to Thursday’s close of 69.05.
7) Among other Sensex stocks, HDFC, ICICI Bank, IndusInd Bank, Tata Steel, Bajaj Auto, Hero MotoCorp and Vedanta were down between 1.5% and 2.5%.
8) The Sensex is down over 8% from its June highs while midcap and smallcaps have suffered bigger losses. Apart from selling from foreign investors, tepid earnings, lingering credit crisis and consumption slowdown has hurt domestic sentiment.
9) Trump’s latest announcement in a series of Twitter posts marks an abrupt end to a temporary truce in a trade row that has hurt world growth and disrupted global supply chains. Moody’s said the new tariffs would weigh on the global economy at a time when growth is already slowing in the United States, China and the euro zone.
10) The US President also threatened to raise tariffs further if China fails to move more quickly to strike a trade deal. Oil prices plummeted 7% today – the biggest daily percentage drop since February 2016.
