After the profit taking, again the markets to see bit of fresh buys after the Fed positive minutes....
Global Market Update:-
U.S. stocks finished Wednesday largely higher after the minutes from the Federal Reserve's July policy meeting suggested that the labor market is improving to the point that rate hikes may come sooner than later. At the close of U.S. trading, the Dow rose 0.35%, the S&P index rose 0.25%, while the NASDAQ index fell 0.02%, mainly due to profit taking. The U.S. labor market is improving to the point that rate hikes may come sooner rather than later, the Fed minutes released earlier revealed,
"Many participants noted that if convergence toward the Committee's objectives occurred more quickly than expected, it might become appropriate to begin removing monetary policy accommodation sooner than they currently anticipated," the minutes released earlier Wednesday read.
"Indeed, some participants viewed the actual and expected progress toward the Committee's goals as sufficient to call for a relatively prompt move toward reducing policy accommodation to avoid overshooting the Committee's unemployment and inflation objectives over the medium term," the minutes added.
European indices, meanwhile, ended the lower.
After the close of European trade, the, France's CAC fell 0.32%, while Germany's DAX fell 0.21%. Meanwhile, in the U.K. the FTSE fell 0.35%.
Indian Market Update:-
As expected, Indian markets witnessed in some amount of profit taking on the cards after a straight 6 days of rally. it was improving job situation that lead the markets in U.S. and Indian markets to get fuelled by the Fed minutes and would gap up around 20 points and may continue trading in the range bound and may se bit of buying in the second session once after the Europe opens. As for as the Nifty is concerned it made high of 7922 which is strong resistance for the day and has support leg at 7850 levels.
Nifty support and Resistance:-
Nifty spot support at 7850 and Resistance 7930 for the day
FII and DII Activity:-
FII added around 251 crores worth of stocks in Equity and DII sold 481 crores in Equity.
China is to release the preliminary reading of the HSBC manufacturing index.
Switzerland is to release data on the trade balance.
The euro zone is to publish preliminary data on private sector activity, while Germany and France are to also to publish data on private sector growth.
The U.K. is to release data on retail sales, the government measure of consumer spending, which accounts for the majority of overall economic activity.
The U.S. is to produce data on unemployment claims, manufacturing activity and existing home sales.
The first day of the annual economic symposium is due to take place in Jackson Hole, Wyoming.
Just wait in the first half and start creating the long positions in the second session...
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