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Market Brief for 28th May 2018

Markets on the back of improved corporate results and since being over sold after having fallen for past two weeks staged a throwback rally, and finally manage to end the week on flat note, still leaving behind uncertainties. Although recovered a bit in the short term due to rise in few sectors, the under tone is still mildly bearish, rising oil prices, political uncertainty, inflation, weak rupee are all area of concern and needs to be resolved soon or else the markets would start bleeding. There are some tailwinds (positives) too, it needs to be seen if it outweighs the headwinds (negatives), the tailwinds are the further improvement in corporate profitability on the back of improved demand, expected policy reforms, credit offtake, improved export and better realization thereof due to weak rupee. It can be safely concluded that the markets will be volatile, jittery and lacklustre for some time.

TECHNICAL – The pullback or the throwback rally managed to end the week on flat note, Nifty is now poised against the key resistance of 10700 and 10800 and this would be tough for the markets to cross. On the lower side support exists between 10400 to 10600 levels, hence the broad range for the Nifty is 10400 to 10800 and the near term range is 10500 to 10700, until some significant news would oscillate between these levels, however close below 10400 will be very vulnerable position for the markets and deep correction would be witnessed and the upside remains capped at 11200 even if Nifty closes above 10800.

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