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Market Update for 29th July 2019 by Imtiaz Merchant

Markets quite as expected continued the downside journey to test 11200 from where it recovered a bit to close the day and the week off the lows at 11285. The fall in the markets was primarily due to slowdown in the economy, lack of policy initiative by the Govt. June quarter Corporate results being muted baring few companies, unabated rise in unemployment and uncertainty about agro output since many parts in India is suffering from unprecedented floods and some parts receiving scanty rains, global cues not been encouraging,  all this lead to major correction in the markets and it appears that on the back of uncertainty in economic fundamentals more downside in the market is not ruled out. These are tough times in the markets and that investor who wants to invest for long term should initiate some buying traders and short term investors may better stay away.

Technical–Technically market look weak and vulnerable to more falls, although a small throwback rally is not ruled out since the market is oversold in the near term, on the higher side there are multiple resistances that may keep the market under check between 11400 to 11700 at best, however a close below 11200 will see the nifty sliding down once again and may test 11100 to 10600 levels. In the initial range for the market is between 11200 and 11500 whereas the broader range is between 11000 and 11700.

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