GST could throw some light on market in upcoming week: Amrapali Aadya Trading
Macroeconomic data i.e. IIP and inflation data signaled the economic revival, which led the benchmark indices to trade positively on the Monday. Further, indices made fresh highs following the IMD forecast report on arrival of early monsoon. Apart from that, FIIs who have turned net seller in the market, again seems to be buoyant in the Indian market, which has also provided positivity to the surging indices. Also, GST Panel meeting in Srinagar remained the lime light as council was meeting to finalize the rates of goods, services. Apart from above, better than expected corporate results for the Q4 too provided support to the surging indices. However, in the last two trading sessions, profit taking and political turmoil in White House spooked investors sentiments, which led the market to decline on the negative note. Overall, benchmark indices closed on the red on the weekly basis.
Going ahead, F&O expiry is due on Thursday so week is likely to remain volatile. Rising political uncertainty in the US market could impact global market badly. Hence news related to much discussed Donald Trump impeachment, could drag the market in the opposite direction buy brining the profit taking. As we know the result season is going on so our eyes will be closely observing the numbers to take the further call.
The Nifty50 has formed a bearish spinning top candle in Friday’s session after market failed to hold the gap up openings, it was continuation of the selling at higher level trend which Indicated on Thursday by forming a shooting star. Formation of shooting star signals upcoming selling pressure. Going ahead we foresee a continuation of selling at higher level trend and 9480 is the immediate resistance point above that 9530 to 9550 is the key level to watch. On the down side 9370 is immediate support zone. Market is here to stay and consolidate around 9300 on profit booking after the recent spectacular rally.