MARKETS: Still Wait & Watch!

Markets are at a crucial stage where all major indicators are at their support levels. Future direction from here depends on how economic and political developments take place on global and domestic fronts.

Brief technical review of major asset classes-

  • Gold is approaching 27000, and if it sustains above this level, it may rise further to 27700.
  • USD-INR has given a breakout on charts above 61.5 and may touch 63.50.
  • Nifty is above its immediate support of 7940, a breach of which may take it to near 7785 (with intermediate support at 7850), a crucial support level. After making a lower low last week, Nifty is now in a minor downtrend.

RECOMMENDATION:

We recommend a wait and watch strategy before taking any investment decision.

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