Monday, 23 January 2017

Nifty Closes Below 8400, Trumps “America First” Policy Might Hit IT and Pharma sectors

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India’s benchmark index Nifty closed at 8349 on Friday, 86 points down from Thursday’s close of 8435. The Index displayed weakness on Friday on the backdrop of poor Quarterly number from Axis Bank and stock price of Axis Bank was down by 5%. Nifty index has given a downside breakout of its range low of 8373. Bank Nifty also shows weakness and closed at 18821, 300 points down from its last day’s close. The next support level of Bank Nifty is 18515 if Bank Nifty breaks 18781 levels. Selling was also seen in the cash segment, the Small Cap index too corrected by 120 points from day high on Friday.

Expected market to trade with negative bias as Donald Trump has given a call to “Buy American and hire American”. Nifty is facing resistance at 8460. We advice investors to book profit in buy positions and to remain cautious to build any fresh buying in the market. Important results to watch out for today are Hind Unilever and Asian Paints. Nifty Future is opening at 8423 as per SGX Nifty at 8:50 am IST,almost 16 points below its previous close of 8439.

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