Sep 25, 2017 09:02 AM IST | Source: Moneycontrol.com
A quick check on what could trigger the markets today
- FPIs pull out Rs 5,500 cr from equities in September; pump in over Rs 4,000 cr in debt markets
- Amazon buys 5% equity in Shoppers Stop for Rs 179 cr
- China limits imports/exports on few items with North Korea
- And Moody’s downgrades Britain’s credit ratings on Brexit woes
The Nifty could see a subdued opening, largely tracking the trends on the SGX Nifty, but global markets’ move could keep the Street on its feet. Frontline indices witnessed a major correction on Friday, with the Nifty closing 157.50 points lower at 9,964.4.
The Nifty saw its biggest single-day fall in the last ten months and also gave the lowest daily close in last ten trading sessions.
A strong bearish candle after a Hammer-like formation suggests that markets are likely to remain under pressure for some more time. Short-term weakness is likely to continue towards 9,220 and 9,880 levels, suggest experts.
On the weekly scale, it formed a Bearish Engulfing pattern as it snapped the entire gains of last week and closed below previous week’s low levels. Investors are advised not to create long positions on dips while for short positions maintain a strict stop loss above 10,179.
For more watch the Markets@Moneycontrol show. Moneycontrol Editor Santosh Nair talks to Rakshita Madan on what to expect in the trade today.