The Indian markets posted their biggest single-day drop on Friday in nearly two weeks after US missile strikes on Syria. US launched a massive strike on a Syrian air base in retaliation to a chemical attack on civilians, stoking fears of a geopolitical flare-up.
The move triggered a risk-off sentiment among global investors with stocks slipping and gold and bonds inching up. The Indian markets, however, were among the worst-performing markets on Friday, with the benchmark Sensex and Nifty dropping 0.7 per cent each.
Unpleasant geopolitical developments are never good for markets and economies, Investors would “wait and watch” for reactions from countries related to the Syria civil unrest over the next few days before “acting decisively.
Monsoon :-
India witnessed near-normal monsoon last year after two years of droughts, and that helped raise food grain production and rural demand looked up too. But before those benefits could show up fully in the economic data, the nation is bracing for poor rainfall in the ensuing monsoon season. Private weather forecaster Skymet has projected below-normal rainfall this year because the emergence of a possible El Nino pattern.
Should that come true, it will disrupt the emerging growth pulses of the economy which has just about come to terms with the after-effect of the cash ban.
GST implementation:-
GST looks all set to be implemented from July 1, 2017, replacing the current cumbersome taxation system in India. Some estimates show the GDP will rise 2 per cent after GST implementation. With the implementation of GST, the unorganised sector will come under the tax net and can’t avoid tax payment any more.
>>> Nifty Weekly Chart <<<
>>> Click the chart to see on full screen <<<
Price made a Shooting Star again on Above weekly chart. On weekly basis price failed to close above 9200-9220 shows - Bulls are at risk. Possibly Bears may try to repeat what happened earlier as shown on chart.
>>> Nifty Daily Chart <<<
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Two alternatives - Price resisted for Wave B or Wave 5 at 9274. In both cases correction is imminent. We had short positions too, looking for a Correction.
>>> Nifty Hourly Chart <<<
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Price resisted @ 9274 - May test 9130 or 9020 or even below. Break Below 8968 may trigger More or Heavy Sell off.
>>> Bank Nifty Daily Chart <<<
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Price failed to cross above 21700 for the 2nd consecutive week with lot of negative divergence.
>>> Bank Nifty Hourly Chart <<<
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Bank Nifty Hourly Chart - Shows the end of 1-5 as last leg. Price should break below 21310 or 21275 to confirm the bear strength.
>>> ARVIND - Holding Short <<<
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Holding Short on Arvind. Above Head & Should Like Pattern - If not Wrong, Expect a Good or Heavy Correction.
>>> PEL - Holding Short <<<
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Holding Short on PEL. Price completed Raising Wedge as ABCDE, If not wrong, Expect a Good Correction. Cheers!!!
>>> N4A - Services <<<
