Mr. Manish Yadav, Head of Research, CapitalAim
After successfully touching new highs, Both the Indices give up on Profit Booking, take a halt due to a below-normal monsoon forecast by Skymet Weather Services. Nifty50 down from their record highs hit earlier during the day trading. FIIs sold shares in the concern that the market may be overheated. The rally we have seen earlier is a catch-up rally with the peer emerging markets. The rise of rupee against the US dollar on Wednesday and the firm crude-oil also helps Indices to manage gains. RBI's rate cut by 0.25% is already discounted but the Lower FY20 growth forecast to 7.2% makes market unhappy.
On Fridays market, Benchmark Nifty gain almost 67.95 points or 0.59% at 11665. Buying in Nifty emerged on the opening session but failed to sustain above 10700. The supported range is 11550 which is Thursday's lower level. Breaching 11550 can drag down nifty towards 11400 to 11300 which is decisive level.
Upcoming Market will look for
There are key economic data line up in the end of next week. On Friday Forex Reserve and CPI may impact market in short term, whereas Industrial production makes some impact. On the international front JOB report by jolts is the key economic data on Tuesday. Traders and investors keep an eye on PPI on Thursday.