Morning Briefing Global Stocks
$DIA, $DAX, $DJSH, $N300, $NSEI
Commentary: The major stock indices are in a corrective mode, and expect to continue for some time before we see a recovery, need to see if the supports near current levels hold for DAX, Nikkei and Nifty. PE
DJIA at 21844.01, -0.93%) fell sharply from marks near 22000. The index may possibly test 21750-700 over the next couple of sessions before bouncing back towards 22000.
DAX at 12014.30, -1.15% is trading near interim support and could bounce back near term.
Shanghai at 3230.61, -0.95% trading sideways in here before trying to rise. For now, trade within the 3220-3300 range looks like it.
Nikkei at 19729.74, -0.05% is testing 1st support on the 3-day candle. While that holds, there is some chance of bouncing back to 20200, if not a fall towards 19400 and lower happen within the next 1-2 weeks.
Nifty at 9820.25, -0.89% tested important medium term support near 9775 Wednesday and if it fails to remain above 9775 it could signal a sharp fall towards marks near 9600-9400. If it hold above 9775, expect a retest at 10000 near term.
Have a terrific weekend.