Markets rallied worldwide on optimism that the Chinese government will bailout Evergrande developers and U.S Fed’s positive economic outlook. Sharp upmove was seen in financials with Bank Nifty gaining by more than 2%. The Bank nifty has re-attempted a breakout after yesterday’s closing above 37700 and if we are unable to see follow up the rally, we may see another downturn. During bubble phases, parabola does not resolve into sideways activity and hence market tends to trigger sharp swings on either side at breakout levels. The major risk for the market comes from breakout in Brent crude which has crossed USD 77 and is positioned for hitting USD 90 in the coming days. For Nifty, today’s range is seen at 17734-18890 and trend confirmation will occur when USDINR closes above 74.
U.S. stocks rallied for a second day as investors embraced the Federal Reserve’s bullish economic outlook while downplaying the risk of contagion from turmoil in Chinese debt markets. Yields jumped worldwide after the Bank of England moved closer to raising rates and the dollar weakened. The Dow Jones Industrial Average rose 506.5 points, or 1.48%, to 34,764.82, the S&P 500 gained 53.34 points, or 1.21%, to 4,448.98 and the Nasdaq Composite added 155.40 points, or 1.04%, to 15,052.24. Asian indices opened mixed as investors continue to watch developments surrounding China Evergrande Group.
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