Seja a primeira pessoa a gostar disto
Today morning, Nikkei is flat while Hang Seng and Shanghai are up 0.2% each. SGX Nifty is suggesting about 20 points higher start for our market.
At the risk of repeating, we had given downside target of 11770 after 11870 was taken out. We had also said that below 11770, 34-DMA, placed around 11700, would be next support.
In yesterday's sharp fall, Nifty, after achieving 11770 as well as 11700 targets, went further down to touch a low of 11657 before closing at 11672.
11657, the low made yesterday, also coincides with lower band of bollinger on daily chart as well as a downward sloping trendline adjoining recent bottoms on hourly chart and hence is the immediate support to eye.
Below 11657, 11591, the upper end of the gap created by big gap-up opening after the exit polls, would be the next support.
11860 is the immediate hurdle on the hourly chart.
The Fed is scheduled to start a two-day monetary policy meeting today. Expectations for any policy changes are low, but investors will look for clues about potential rate cuts in July and later in 2019.