Market Update 27th Sep 2017
Stocks Market fell more than 1.50% on Wednesday, heading for a seventh straight session of losses that could be their longest losing streak in over 9 months because the rupee sank to a more than six-month low on foreign fund outflows. Expectations of a rate hike by the US Federal Reserve and lingering North Korean worries additionally dented risk appetite.
This is the weakest closing since June 30 when it had settled at 30,921.61.
The broader NSE nifty cracked below the key 9,800-mark.
It had regained the key 9,900-mark at the beginning, however, failed to hold on to the crucial level and dipped below the 9800-mark to hit a low of 9,714.40.
NSE’s volatility index, the domestic equivalent of the VIX fear gauge, rose as much as 9.6 percent.
The Sept futures and options contracts are set to expire tomorrow, that made participants wait and watch
Shares of ICICI Lombard General Insurance Co. Ltd debuted 2.9% lower on the bourses on Wednesday. ICICI Lombard shares opened 1.66% lower on the base at Rs650 apiece, compared to the issue price of Rs661, that was the upper end of the price band between Rs651-Rs661 per share.Shriram Transport Finance Co Ltd rose 3.4% to Rs1041, whereas IDFC Ltd fell 0.2%. according to an ET report, IDFC Ltd and the Shriram group have set to abandon the merger plan worked out in
Shriram Transport Finance Co Ltd rose 3.4% to Rs1041, whereas IDFC Ltd fell 0.2%. according to an ET report, IDFC Ltd and the Shriram group have set to abandon the merger plan worked out in July this year as stockholder pressure and dilution fears forced them to examine a new, less complicated structure.
Technical summary for 28th Sep 2017
As discussed yesterday 9790 was very strong support for nifty. Today it broke that level and close below it with high volumes so now we can say that more downside levels open for nifty. Still, one more support is there at 9700 for nifty.close below that level our target would be 9450 & 9300. Remember always trade with proper risk management and position sizing.
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