NiftyforAll: Weekly Review 08th Monday, 2017

Sunday, May 07, 2017

Weekly Review 08th Monday, 2017

Dear All,

Key factors that are likely to dictate market direction in the coming week.

French Presidential Election Outcome: This one event has the potential to make the markets across the globe oscillate between the two extremes.

France heads for final round of voting on Sunday to elect its next president where centrist Emmanuel Macron will face off against far-right candidate Marine Le Pen, who has said she would pull the country from out of the European Union, a potentially destabilising move for markets.

Opinion polls indicate voters will pick Emmanuel Macron, a 39-year-old ex-economy minister who wants to bridge the left-right divide, resisting an anti-establishment tide that has seen Britons vote to leave the EU and Americans choose Donald Trump as US president, said a Reuters report.

US Payroll Data: In a major boost to the American economy, the US reported a joyous figure of unemployment rate dropping to 4.4 per cent, near a 10-year low. The job growth rebounded sharply in April, bolstering the Federal Reserve's stand of raising interest rates in the next policy meet.

The drop of one-tenth of a percentage point in the jobless rate took it to its lowest level since May 2007 and well below the most recent Federal Reserve median forecast for full employment.

Earnings:- Industry heavyweights Bharti Airtel, HCL Technologies, Hero MotoCorp, Asian Paints and Dr Reddy's Laboratories are slated to release their March quarter earnings in the coming week. So far, majority of companies have reported better-than-expected results for the last quarter. Investors are likely to have a keen eye on the results before taking any position during the week.

Macroeconomic Data: The government is expected to announce industrial production data for March after market hours on Friday.

The industrial output slipped to a 4-month low contracting by 1.2 per cent in February because of decline in the manufacturing sector and lower offtake of capital as well as consumer goods. The Index of Industrial Production (IIP) had registered a growth of 1.99 per cent in February last year.

The Consumer Price-based Inflation (CPI) for April 2017 is also scheduled to release on the same day. The retail inflation rose to a 5-month high of 3.81 per cent in March against 3.65 per cent in February.

Hudco IPO to hit D-St on Monday: State-owned Housing and Urban Development Corporation (Hudco), a 'Miniratna' firm which provides loans for housing and urban infrastructure projects, will launch the IPO on May 8 where the government is offering 204,058,747 shares for sale.

It has fixed the price band of Rs 56-60 per equity share. The issue will close on May 11.

Global Cues: In the US, Cleveland Federal Reserve President Loretta Mester is expected to speak about the economic outlook and monetary policy at the Chicago Council on Global Affairs Public Breakfast Program -- From Main Street to Wall Street: Economic Growth, Monetary Policy, and the Federal Reserve, in Chicago IL, on Monday, 8 May 2017.

Also, Bank of England (BoE) will announce monetary policy decision summary and minutes of the monetary policy committee meeting held on May 10 on Thursday. It will also announce inflation report for May 2017.

Note :-

So far we have seen many bearish counts, Since then Price kept breaching the Resistance and continue to move ahead. Though there is a lot of Choppiness and Volatile prevails in market, Lets see some alternative Bullish Count also. This week discussed here are some of the Alternative Bullish Counts, might be possible around the near future.

>>> Nifty Weekly Chart <<<

>>> Click the chart to see on full screen <<<

After a lot of violation on Bearish count - Next Bullish alternative is given above. As said earlier - the current uptrend is highly complicated wave count, hence a high trust on bull or bear is a dangerous view.

>>> Nifty Daily Chart <<<

>>> Click the chart to see on full screen <<<

Might be an 1-5 or ABC UPmove - Possibly a correction may occur before testing the channel top.

>>> Nifty Hourly Chart - Posted on 04th May, 2017 <<<

>>> Click the chart to see on full screen <<<

Wrote on 04th May, 2017 > Price if unable to cross above 9367-70 - Expect a possible correction till 9270.

>>> Nifty Hourly Chart - More fall if breaks 9270 <<<

>>> Click the chart to see on full screen <<<

Price resisted @ 9370 and tested a low of 9273. Break below 9270 may test the gap left.

>>> Bank Nifty Weekly Chart <<<

>>> Click the chart to see on full screen <<<

Like Nifty - above is an Alternative Count for BN. So After Break Out as shown on chart - it seems Price moving towards 24770

>>> Bank Nifty Daily Chart <<<