A morning walk down Dalal Street: Nifty will face hurdle at 11500; long term investors should keep strict stop loss of 11,340
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What a week it was for Indian equity markets. Benchmark indices consolidated in a narrow but eventually closed higher for the week. The rupee, on the other hand, witnessed a steep depreciation against the dollar. The currency hit a fresh new low of 70.39 this week.
Crude oil prices declined this week which remained a key positive for emerging markets.
Overall, analysts remain cautious on the Indian markets in the short-term due to a falling rupee, a widening trade deficit, and US-China trade wars.
With earnings season coming to an end there are no fresh triggers for markets in this truncated week.
Things which will be in focus: Currency/rupee, trade war, FOMC meeting’s minutes, movement of crude oil as well as a listing of CreditAccess Grameen.
On the technical front, Nifty has strong support at 11,400-11,415 levels.
A break below will take it to 11366-11340 level and possibly towards 10250.
Investors who are long should keep a strict stop loss of 11,340. On the upper side Nifty will face hurdle at 11500 level which is also a psychological hurdle.