Systematix Daily Market Updates: Domestic Markets: Trends in | Systematix Group Official

Systematix Daily Market Updates:

Domestic Markets:
Trends in SGX Nifty indicate a negative opening for the broader index in India with a loss of 37.50 points. The Nifty futures were trading around 17,472.50 levels on the Singaporean exchange. The Sensex surged 1,564 points, or 2.7 percent, to 59,537. The Nifty jumped 446 points, or 2.8 percent, to 17,759 Among sectors, The Realty index was the lead gainer up by 3.49% & Bank Nifty appreciated by 3.30%. The momentum in broader markets remained strong. The Nifty Midcap 100 index gained 2% and Smallcap 100 index rose 1.3%.

Global Markets:
U.S. stocks ended the month with their fourth straight daily decline on Wednesday, cementing the weakest August performance in seven years as worries about aggressive interest rate hikes from the Federal Reserve persist. The Dow Jones Industrial Average fell 280.44 points, or 0.88%, to 31,510.43; the S&P 500 lost 31.16 points, or 0.78%, to 3,955; and the Nasdaq Composite dropped 66.93 points, or 0.56%, to 11,816.20. Asian Markets are trading weak with Taiwan Weighted, Nikkei, Kospi down over 1% each, and Hang Seng down 0.7 percent.

Technical Outlook:
After the gap-up opening nifty continued its bullish momentum and confirmed a higher top higher bottom formation. Closed above the psychological level of 17500 and 20 simple DMA is positive for the index. in this process, it has formed a big bullish body candlestick pattern. And closed above the past six day’s high. which suggests the short-term trend is positive. On the higher side nifty may find resistance near 17800 and above this 18000 whereas the demand zone is shifted at 17300 levels. On weekly time frame Nifty has exactly found support near 50 simple DMA which placed around 17141 marks. This level may act as a trend reversal level in the near term.