{LONGTERMINVESTORS} Fwd: Edelweiss Market Next - Markets at 16 months high, reclaims 8800

 

September 02, 2016 Quick Links: Visit Website

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In This Issue: • Market View • Sectoral Outlook • Technical Outlook Market View Indian market closed in green during the week. Nifty and Sensex up this week by 2.77% and 2.70% respectively. In terms of sectors Automobiles, Media and Finance were the winners of the week. Telecom and Petrochemicals sectors were the notable losers this week. Government plans single policy for retail, FMCG and e-commerce: To provide a level-playing field to stakeholders, there is a move in government to harmonise policies of retail, FMCG and e-commerce within a single policy framework, NITI Aayog CEO Amitabh Kant said. Interacting with CEOs at FICCI's annual Retail, FMCG and E-Commerce convention, he said that on Friday's globalised world, it has become essential for India to become a part of the global supply chain. For this, India has opened up its economy and liberalised the FDI regime. Now India features as the number 1 nation in attracting FDI, which has given the country access to latest technology, global best practices and global innovations, the NITI Aayog CEO said. Read More... FII and DII Flows Prominent Bond Yields INR Yields Domestic Quick Bites International Quick Bites Top 5 Gainers Top 5 Losers Technical Outlook Indian markets moves out the narrow range this week while global markets extend to hover in 2-3% range. The consecutive six months on Nifty ends on positive note forming higher high – higher low pattern. The medium trend is bullish on markets and we expect volatility this month with major events scheduled like August non-farm payrolls report which will impact the FED s rate decision, G20 Summit, ECB Governing Council, Bank of England meeting and BOJ announcing the results of its comprehensive review of its monetary policy. Indian markets ends positive for six consecutive month (August); September starts with a bang hitting 16 months high of 8,824. Nifty has been oscillating within range of 3.5% between 8518 and 8824 for the last one month. Nifty Index has been in a range of 3.5% in August Which is one of the top 10 small ranged months in the last twenty years. Seasonality wise September month has seen an average change close to close of 6% on nifty. This appears not to be a local phenomenon as global indices like Dow Jones and 10 year bonds in US are also trading in an extremely narrow band for the last few weeks. Complacency is also reflected in 'Very Low' levels of the 'Fear Index', the volatility index VIX. US CBOE VIX is near its lows of 13.3% and India VIX is at a low level of 13.5%. We maintain bullish stance for medium term. The support for the week are 8,710-8,624 and resistance at 8,859-8,936. Click here to read more

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CA. Rajesh Desai

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