Market Outlook May: Going ahead, Indian equity markets are expected to face major hurdles and will remain volatile till Lok Sabha elections. Widening fiscal and current account deficits, bank’s NPA issues, strengthening dollar, higher crude oil prices and political uncertainties ahead of elections are key risks for markets. The Karnataka assembly election outcome on May 15 will be seen as a pointer to the general elections. Further, Q4FY18 corporate earnings, macroeconomic data, trends in global markets, US FOMC meeting, BOE monetary policy, FIIs and DIIs trend, bond yield, rupee-dollar movement and crude oil prices are the major factors which will be monitored keenly. We suggest investors to invest in fundamentally strong companies with long term view.
In this issue:
- Movers & Shakers
- Market Outlook
- Nifty Technical Outlook
- Fundamental Picks
- Auto Sales
- Commodity Pick
- Mutual Fund
- Key Financial Events
Nifty Technical Outlook May: The current price action on the monthly chart has taken support at the upward sloping trendline shown above in the graph and formed a bull candle. This suggests that monthly bias has turned positive.
In current month Nifty has resistance at 11053 – 11242 – 11462 levels whereas on the downside, 10425 – 10237 – 10016 levels. In coming month if Nifty trades above 10864 then it is likely to test 11053 – 11242 – 11462 levels. However, if Nifty trades below 10614 then it is likely to test 10425 – 10237 – 10016 levels.
Broadly, for current month 10237 remains crucial support as long as Nifty holds the above mentioned level there is high probability that Nifty may test 11053 – 11242 – 11462 in couple of months.
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