Today's New Letter on Nifty Market

Outlook of Nifty/bank nifty today  Nifty:   Nifty Outlook: Equity benchmarks failed to hold its record high levels on Tuesday as investors preferred to book profits ahead of the outcome of monetary policy committee meeting due Wednesday. The Nifty ended below 9,650 level after hitting psychological 9,700-mark for the first time in opening trade. The 30-share BSE Sensex was down 118.93 points at 31,190.56 and the 50-share NSE Nifty dropped 37.95 points to 9,637.15 following weakness in global peers. Experts expect some tactical correction in near term as the market surged 17 percent since the beginning of the year but they remain bullish on equities over the long term. Bank Nifty:   Bank Nifty Outlook: The latest GDP print deserves attention. The headline growth number showed the GDP falling to 7.1 percent in FY17 compared to 8 percent in the previous fiscal and the gross value added (measure of real economic growth) falling to 6.6 percent from 7.9 percent in the previous fiscal. In fact, the GVA at constant prices at 5.6 percent in the fourth quarter of FY17 is the weakest in the past two years. However, the number that should really concern policy makers is the investment rate measured by gross fixed capital formation – that has declined from 31.2 percent in Q1 FY16 to 28.5 percent in Q4 FY17. Nifty Trends    R1 9680 R2 9740 S1 9600 S2 9560 Technical Outlook Nifty Day Performance    Open 9,700.00 High 9,704.00 Low 9,658.70 Close 9665.75 Top Gainers TCS 2,705.00 HCLTECH 887.65 INFY 980.00 TECHM 408.45 Top Losers TATAMOTORS 461.70 NTPC 157.95 IBULHSGFIN 1,139.00 TATAMTRDVR 280.60 For more nifty market updates visit us at https://www.starindiaresearch.com/nifty-bank-nifty-tips.php or missed call @ 8817002233