The market declined last week amid broadly negative global cues due to heightened worries over international trade conflicts. Sentiment was also affected by the Indian rupee hitting a record low and rising crude oil prices. In the week ended Friday, 7 September 2018, the Sensex fell 255.25 points or 0.66% to settle at 38,389.82. The Nifty 50 index fell 91.40 points or 0.78% to settle at 11,589.10.
The BSE Mid-Cap index fell 376.47 points or 2.23% to settle at 16,504.86. The BSE Small-Cap index fell 296.25 points or 1.72% to settle at 16,896.95. Macroeconomic data, trend in global markets, the movement of rupee
against the dollar and crude oil price movement will dictate trend on the bourses in the near term. Investment
by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs) will also be monitored.
The Indian stock market will remain shut on Thursday, 13 September 2018, on account of Ganesh Chaturthi. On the economic front, India’s industrial production data for July 2018 will be unveiled on Wednesday, 12 September 2018. India’s industrial production jumped by 7% from a year earlier in June 2018, following an upwardly revised 3.9% growth in the previous month.
Nifty Weekly Levels and Trading Strategy
Nifty Traders may follow the below mentioned levels for 17.09.2018 to 21.09.2018
Buy above 11,525 for targets of 11,600/11,640
Sell below : 11,420 for targets 11,370/ 11,320
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