Weekly Analysis for September 14th to 18th
Indian Markets indicated by Nifty’s technical level is at a very crucial point.
After a week of corrective move in the first fews days of September. Nifty on spot market has taken support around 11,200 levels. Current levels to watch out for -11,500 on the upside and 11,200 on the downside. A break on one of these levels with price sustaining above or below them will give proper direction for the week.
Currently Nifty is at uncertainity. We might have watched few positive trading days last week but one must not fail to notice that majority of stocks were falling and the only thing that backed up Nifty was the Bull run of Reliance and due to its heavy Market Capitalisation and weightage in Indian Market, the Indian Index managed to stay slightly postive.
Key things to watch out for is India China Border tensions.
Covid cases recording higher numbers.
And more importantly is the concern over FII ( Foreign Institutions ) turning sellers this month after a long buying streak untill August.
Critical news this week is that, Inflation data is to be released on first day of this week. Investors sentiments will most likely react to the Inflation data release first. Any negative news with contiuance of FIIs selling might invite bearish sentiment. Most of the major factors are already negative. It is advised to be cautious this week untill proper direction is established in the first few sessions of the week.