Morning Briefing Global Stocks
$DIA, $DAX, $DJSH, $N300, $NSEI, $BSESN
Commentary: Many of the world’s major stock indices are testing 1st resistance as seen on their daily candles. While the resistances hold, the indexes may come off near term. My view in here is Neutral Bearish. PE
DJIA at 24801.36, -0.33% marked a low of 24535 Wednesday, and then moved up to close at 24800+. Notably 24500 is 1st strong support, if holds, could drive DJIA back to 25500 near term. Failure to bounce back from 24500, may bring on a fall 24000ish.
DAX at 12245.36,+1.09% made an intra-day high of 12275. If 12300 holds as interim resistance DAX may come off to 1190 again, or a break above 12300 is needed to confirm a near term uptrend targeting 12500-12600. Will wait to see the action around 12300.
Nikkei at 21411.38, +0.75% is ranged within the 21000-21600 for the last few sessions and is likely to test 21800 very soon. A clear break on either side of 21000-21800 will indicate the direction. Till then sideways movement should continue.
Shanghai at 3283.44, +0.36% came off from 3300. If 3300 hold near term, the index could come off to 3250-3200 again in here.
Nifty at 10154.20, -0.93%, and Sensex at 33033.09, -0.85% are trading lower and look Bearish in here. Nifty could test 10080-10020, and Sensex could come off to 32500 in the next 3-4 sessions.