Good Morning & Welcome to Wednesday's trading action at Dalal Street, dated 31st July 2019

In early action, SGX Nifty is trading with deep losses as China trade deal hopes wane.

7 AM GLOBAL UPDATE:

DOW (-23, 27198)

NASDAQ (-20, 8273)

SGX NIFTY (-40, 11058)

NIKKEI (-155, 21554)

HANG SENG (-298, 27848)

BOVESPA (-550, 102933)

OIL (+0.33, $58.38)

GOLD (+1, $1430)

USD/INR: 69.10

Institutions:

FII: - 644.59 Cr

DII: +1079.72 Cr

SUCCESSFUL INVESTING IS ANTICIPATING THE TRENDS OF:

Global: Negative.

FII: Negative.

DII: Positive.

F&O: Negative.

‪Sentiment: Negative.

NIFTY’s CRUCIAL LEVELS:

Nifty’s CURRENT MARKET PRICE: 11,085.

Nifty’s SUPPORT:

Intraday: 10951/10751.

Medium Term: 10701.

Long Term: 10,001.

Nifty’s RESISTANCE:

Intraday: 11151/11287.

Medium Term: 11507/11757.

Long Term: 12,001.

Nifty’s RANGE:

Intraday: 10951-11151.

Medium Term: 10701-11507.

Long Term: 10001-11901.

Nifty’s OUTLOOK:

Intraday: Negative.

Medium Term: Neutral.

Long Term: Neutral.

Our call of the day suggests that market indicators are still flashing red for Dalal Street as Nifty dives below its 200 DMA. Technically, aggressive downside risk on Nifty now seen at 10,751-10,800 zone.

Our chart of the day establishing short like BALKRISHNA INDUSTRIES and JINDAL STEEL & POWER with interweek perspective..

IMPORTANT THEMES FOR THE DAY:

The talk at Dalal Street is that the benchmark Nifty loses foothold on the 200-DMA level and the benchmarks are at 5-month lows!

The big question: Where is Nifty headed?

Technically, aggressive downside risk on Nifty now seen at 10,751-10,800 zone. The technical landscape continues to be negative as the recent sequence of lower high/low is intact on daily charts of Nifty.

Blame it to FIIs camp who have been in exiting mode in Indian stock markets, selling close to Rs 15,373 crore worth of equities in July alone. In yesterday's trade, FIIs sold shares worth Rs. 644..59 cr.

Sentiments are also tripped this morning on reports that President Donald Trump tweeted about his frustration with Beijing, saying China has not followed through on commitments to buy U.S. farm products. Trump also said that if he is re-elected, the terms of an agreement would be much tougher than what is currently being discussed.

Investors are also awaiting the Federal Reserve’s decision on interest rates due Wednesday with a quarter percentage point cut expected. We will spy with one big eye as the key is in going for a bigger rate cut and most importantly the earliest the better strategy.

Bright sunshine at Dalal Street in Thursday's trade (tomorrow's trade) only if Fed goes for aggressive rate cuts this Wednesday late evening.

Investors face a fresh batch of quarterly results this Wednesday, prominent amongst them are: Eicher Motors, Indian Oil Corporation, UPL, Ashok Leyland, Apollo Tyres, Maithan Alloys, Ajanta Pharma, Container Corporation of India, Petronet LNG, Tata Global Beverages.

* Outlook for Wednesday: Uncertainty to continue for battered markets.*

(For all the latest News, Mumbai, Entertainment, Cricket, Business and Featured News updates, visit Free Press Journal. Also, follow us on Twitter and Instagram and do like our Facebook page for continuous updates on the go)

Free Press Journal

www.freepressjournal.in