Morning Briefing Global Stocks
Commentary: The major stock indices are in a corrective mode, and expect to continue for a 2 -3 of more sessions before I see a recovery.PE
DJIA at 22085.34, -0.15% moved up straight to 22180 Tuesday before coming off to close below 22100. Some corrective dip is possible in the next 3-4 sessions before the price index starts to move up. The current decliner could extend towards 22000 near term.
DAX at 12292.05, +0.28% is stable, and is in a sideways consolidation mode. There is room of a rise towards 12400-12500, while it trades above 12200. Near term looks Bullish to me.
Shanghai at 3269.08, -0.40% dipped a bit, but while above 3240, near term looks Bullish to 3300.
Nikkei at 19739.88, -1.28% fell off sharply from almost 20000 to re-test support at 19700. In case it breaks below 19700, we could see the fall extend towards 19450, if not a bounce back from current marks looks likely in here.
Nifty at 9978.55, -0.78% made an intra-day low at 9947 Tuesday in line with expectations. While the support at 9950/30 holds, could see a bounce to 10100-10200 near term. A break below 9930-9900 could bring in lower marks, but need to wait for some price confirmation. Near term is likely to be Bullish for now.
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