Morning Briefing Global Stocks
$DIA, $DAX, $DJSH, $N300, $NSEI
Commentary: Almost all the global indices have fallen sharply and could test support below current marks. We have to wait for confirmation if the indices bounce back next week or continue to extend the downward correction for a few more trading days. PE
DJIA at 21287.03, -0.78% saw a sharp rejection from the long term Key resistance at 21500. To break above 21500 would be difficult now and while that holds, see sideways movement or a move towards 21000 next week. Some support near 21170 may keep it sideways and ranged but expect a fall medium term.
DAX at 12416.19, -1.83% tested to 12400 in line with expectation and could find support near current marks. DAX could rise in the early next week but in case 12400 breaks, the fall could see 12000 medium term.
Shanghai at 3174.52, -0.42% stable and could test 3150 next week before again rising back to 3200. Movement in the 3150-3200 area may continue next week.
Nikkei at 20000.88, -1.09% is headed towards 21000, important medium term resistance which could bring a corrective dip to 19000 next week
Nifty at 9504.10, +0.14% is below 9600, there room to test 9400-9380 on the Southside. Narrow and stable movement is possible next week. The 9600 mark is 1st resistance, while that holds the index looks sideways to Bearish in here.
Have a terrific weekend.
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