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Published on 10/01/2019 9:59:08 AM | Source: Geojit Financial Services Ltd

Major support is seen at 10710 and any dip below will signal caution - Geojit

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NIFTY OUTLOOK:

Expect another attempt to break 100 DMA (10892) initially in the day. A successful break of 100 DMA should ideally push index towards the 11200 region with interim resistance seen at 10988. Major support is seen at 10710 and any dip below will signal caution.

 

Opening Sentiments

Indian indices are expected to open flat today. Asian markets open mixed as investors became cautious in the absence of any concrete details on U.S. - China trade negotiations. Asian markets are mostly lower with Hang Seng down ~0.5% while Nikkei down over a percentage. Dow posted 4-day winning streak as stocks rose in another volatile session after a summary of the Federal Reserve’s meeting in December reiterated comments from the central bank’s chairman from last week about patience on rate hikes. China’s producer inflation rose 0.9% in December, slower than the expected 1.6% and China’s CPI rose 1.9% Vs. 2.1% as per polls. Copper touched one week high on China demand optimism as positivity loomed on back of China-U.S trade talk. Oil prices moved higher, rebounding from a pullback on bearish U.S. stockpile data after Saudi Arabia reassured the market that its oil production and exports are falling sharply.

Today, Investors will be looking forward to the GST council meeting where it is broadly expected to announce measures where small businesses are likely to get tax reliefs and India GST council is said to consider lowering levy on cement. Cement stocks will be in focus in today's trade. Yesterday morning, positive global cues gave the Indian markets a push to open gap up. The Indian indices slipped into negative territory and broke the 200 DMA in the afternoon but rebounded sharply and clocked the longest winning streak in three weeks led by gains in HDFC, ITC, HDFC Bank and Axis Bank.

 

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