India Wants Tariff Edge Over Rivals As Commerce Minister Hails ‘Exceedingly Good’ Progress With US Trade Talks
On analysis of the movements of Nifty 50 and Bank Nifty, in different time frames, I find that the Indian equity markets looking for a ride on a bumpy road from June 24th to July 5th, 2019; where they will confront with many game changers during the upcoming session of WTO meet on June 25-26, meeting of Presidents Trump and Xi on June 28-29; and upcoming Budget on July 5th, 2019. I find that during this bumpy voyage, Nifty may face too many bumps and slumps. No doubt that the Nifty has already felt initial jolts on last two trading sessions of the previous week; which might be for practice moves to keep the Nifty ready for an upcoming bumpy ride during the weeks ahead.
U.S. futures were lower on Friday, struggling to build on Thursday's record close in the S&P 500 after Iran's shooting down of a U.S. surveillance drone stoked fears of war between the two. U.S. President Donald Trump had approved military strikes against Iran on Thursday in retaliation for downing its drone but called off the attacks at the last minute. No doubt that the Nifty 50 futures have already felt the first jolt on last Friday before closing; but Nifty 50 will definitely define this prevailing bearishness on June 24th, 2019. I find that the opening levels of Nifty 50 and Bank Nifty will play an important role in defining their further directional moves during the upcoming weeks.
On the other hand, steady Gold futures look evident enough to define the growing fear of global economic slowdown with enhanced recessionary feelings among the traders in global equity markets. However, the recession is not expected by the International Monetary Fund, which predicts 2020 world growth at 3.6%. Yet IMF chief economist Gita Gopinath highlights "many downside risks", especially trade tensions. Therefore, the need of the hour is to keep a vigil eye over the upcoming developments from WTO to G 20 meets’ final outcome till the US President Donald Trump meets Chinese President Xi Jinping on June 28-29.
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Watch my video on Nifty 50 and Bank Nifty analysis below.
Nifty 50
Bank Nifty
Disclaimer
1. This content is for information and educational purposes only and should not be considered as investment advice or an investment recommendation. Past performance is not an indication of future results. All trading carries risk. Only risk capital be involved which you are prepared to lose.
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