Market activity remained range bound on Wednesday after initial gap down opening below 18034 but late rebound in non-financial stocks forced Nifty to settle above 18000 levels but could not close above 18034 mark. Below 18034, Nifty is most likely to attempt the lower end of expanding wedge which is placed at 17895 and below which we may see a lower range towards 16500. On the international front, MSCI India ETF also has moved lower in past few days and is a mere 1.2% away from activating downfall of 25% or more in the near term. At present, caution is advised as long as Nifty trades below 18034 mark. The recent aggressive shorting activity by FII hints at a possible Wave 3 decline in coming days. Results today- Bajaj Hind, Enginers India, Godrej Consumer, HAL, NHPC, NMDC, Page Ind, PFC, Rites, Tata Steel, ZEEL
U.S markets closed lower on Wednesday as surging consumer prices curbed investor risk appetite and stoked worries of a protracted wave of inflation. The Dow Jones Industrial Average fell 240.04 points, or 0.66%, to 36,079.94, the S&P 500 lost 38.54 points, or 0.82%, to 4,646.71 and the Nasdaq Composite dropped 263.84 points, or 1.66%, to 15,622.71. Asia-Pacific stocks were lower in Thursday morning trade after data released overnight showed U.S. consumer inflation spiked in October.
Stocks in news
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