The short term trend will change to sell if S&P trades below 2045 and Dax below 10054. Nifty will also see a short term trend change below 7820 and small cap below 5050. These levels will trigger a shift in the short term trend to sell. The S&P has seen the maximum correction of 60 points from the recent high of 2105 which is maximum fall in this rally Against the backdrop of gloomy sentiment plaguing global markets amidst listless corporate earnings and renewed worries over the health of the US economy, the NSE Nifty may open on a bearish note on Monday. A drop in the CNX Nifty Index Futures for May delivery which were trading lower by 0.70 per cent at 7,838 also indicated that the Nifty may witness a negative opening on the first trading day of the new week. Investors will focus on the release of India’s manufacturing PMI numbers for the month of April to be released today, which may offer further cues over the health of Asia’s third biggest economy.
Submitted May 02, 2016 at 01:08AM by ShaileshSaraf http://ift.tt/1rbG9Q3
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