Indian indices moved in
consolidate trend on the back of strong economic sentiments. The benchmark
nifty moves in rage of 7590-7400. Indian markets have already seen a sharp
reversal in Foreign Institutional Investor (FIIs) outflow. After pulling out
nearly $2.8B from the Indian market till February, FIIs have invested around
$1.2B in domestic stocks this month. European Markets soared between 1% and 5%
following the ECB announcement regarding interest rate decision.
Indian indices remained
sideway during the week. Volatile global economy and currency fluctuation,
Recently IIP data came on this week. Industrial output fell for the third
consecutive month, dipping 1.5% in January. The Index of Industrial Production
(IIP) had contracted by 1.3% in December after a 3.2 % fall in November,
sharpest in the last 4 Years. Industrial growth in the first 10 months of the
current financial year was unchanged at 2.7% over the corresponding period a
year ago.
World markets trend
move mixed during the week. USA, Asian and Euro markets were consolidating on
sideway note during the week. DAX and CAC closed up by 0.14% and 0.81% each.
FTSE100 index went down by 0.96%, S&P 500 closed positive by 0.69%; NASDAQ
was up by 0.67%. In Asian market Nikkei went down by 0.45%. HangSeng went up by
0.11% & KLSE went up by 0.24%. Jakarta was down by 0.76%, Straits Times
negative by 0.29% and Seoul closed on positive note by 0.81%.
TECHNICAL VIEW
Nifty Weekly Outlook-
Trend: – Consolidated
Resistance: – 7600, 7800
Support: – 7400, 7240
Strategy: – Buy on Dips
Bank Nifty Weekly Outlook-
Trend: – Consolidated
Resistance: – 15465, 15750
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