Market Brief by Imtiaz Merchant - 18th June 2018

Market Brief –Markets once choose to trade in upper end of the range due absence of any significant news, some news got negated, selected sectors like the Pharma, Consumer, and Information Technology stocks did better under the current scenario and these sectors help the market held 10750 levels on the Nifty and finally Nifty managed to end the week marginally higher. Lower crude prices, weakening rupee (positive for exports) and anticipated good corporate results held the markets, and until some major news flow the market will continue to be in a range for some more time and moreover stocks specific moves should further continue. Quarterly corporate results, govt policy on economic reforms, global markets cues will all be instrumental to determine the trend going forward.

Technical–Markets participants once again remained indecisive and the trend failed to breakout or breakdown and hence traded in a range between 10750 and 10900, the firm breakout for this market is close above 10950 and a breakdown though a distant away at close below 10600 to 10550 will confirm a down trend. It is still not clear, although the long and the short term is up and the intermediate (Medium) trend is down and would turn up close above 10950 this would also witness all trends being up hence big rally is not ruled out. However once should be careful below 10640 and under 10550 the markets would breakdown and would witness across the board sale. Investors should trade cautiously and should remain stocks specifically bullish, at the same time exit from week and underperforming stocks.

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