Key barometers extended losses for fifth consecutive session on Friday, dragged by selling pressure in banks and metal stocks. The Nifty ended below the 200-day simple moving average (DMA) placed at 11,262. Market sentiment was dented after the Reserve Bank of India (RBI) cut its FY20 GDP growth rate forecast sharply to 6.1% from 6.9%. Investors were also cautious ahead of US jobs numbers later today for clues on whether the US central bank will cut rates this month.
Global Markets
Apple announced a service repair program on Friday for some iPhone 6s and iPhone 6s Plus devices. Affected phones were manufactured between October 2018 to August 2019. U.S. stocks were higher on Friday, as gains in the Technology, Financials and Healthcare sectors led shares higher.The Dow Jones Industrial Average gained 1.42%, while the S&P 500 index gained 1.42%, and the NASDAQ Composite index gained 1.40%.
Germany stocks were higher after the close on Friday, as gains in the Pharmaceuticals & Healthcare, Media and Financial Services sectors led shares higher.The DAX rose 0.73%, while the MDAX index added 1.66%, and the TecDAX index added 1.82%.
France stocks were higher after the close on Friday, as gains in the Foods & Drugs, Gas & Water and General Financial sectors led shares higher.The CAC 40 rose 0.91%, while the SBF 120 index gained 0.91%.
Denmark stocks were higher after the close on Friday, as gains in the Chemicals, Software & Computer Services and Technology sectors led shares higher.The OMX Copenhagen 20 rose 1.29%.
Nifty Chart
Nifty index closed below 200 DMA at 11174.75, formed Bearish engulfing pattern on daily chart and bearish evening star on weekly chart. We recommend Sell on rise for target 11100 and 11050 with strict stoploss above 11270 for intraday.
Weekly trading range Nifty50: Resistance at 11300 and Support at 10850
