Dynamic Levels' Market Outlook:
International market yesterday recovered sharply even after China imposed tariffs in retaliation to US tariffs. China imposed tariffs of $50 billion on 106 products yesterday. China’s new tariffs include corn, other agri products, aircraft, & some plastic products, trucks, SUVs, some electric vehicles, propane & some catalysts, cotton, orange juice, wheat, sorghum products & tobacco.
HangSeng Futures today recovered almost by 540 points from its low of 29343. Nikkei Futures also recovered today by 200 points from a low of 21453 so far. S&P500 today recovered sharply by almost 90 points from its yesterdays low of 2560 to trade at 2658 presently, even after China retaliated against US trade tariffs.
FII & PRO have created above average sell position of 95170 contracts in Index options yesterday. If Nifty breaks yesterday’s low of 10111, then we might see further weakness in the market to come.
RBI is set to announce its monetary policy today at 2:30 PM, with rates expected to remain neutral in the meeting. Nifty Future is opening gap up by 163 points against yesterday’s close 10139 as indicated by SGX Nifty which is currently trading at 10302.
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