Market Outlook: The market corrected sharply on Wednesday, amid broad based selling pressure. Banks, auto and metals tumbled while most IT shares sailed through the tide. Selling was triggered by the Asian Development Bank (ADB) on Wednesday slashing its growth forecast for India for fiscal 2019- 20 to 6.5% from 7% projected in July, following weaker growth in the first quarter due to a slowdown in consumption and investment activities that hit manufacturing and sectors.
Global Markets: Saudi Aramco asked banks to submit proposals for a project finance loan of more than $1 billion.Saudi Arabia has restored its oil production capacity to 11.3 million barrels per day after the attacks on oil facilities.World stocks fell to a two-week low and risk assets dipped lower after U.S. lawmakers called for an
impeachment inquiry into President Donald Trump. European STOXX 600 dropping 1.4% as technology stocks lead the losses.
Nifty Chart:
Nifty50 index closed at 11440.20 Nifty closed above 200/50/20 MA on daily and weekly chart. Nifty formed Bearish Open Marubozu on daily chart. Nifty index made low 11416.10. We recommend Sell Nifty below 11413 (100MA) for target 11380 and 11280. Nifty May hit 11180 within next 2/3 trading sessions. immediate resistance at 11570 and support at 11180.
