A morning walk down Dalal Street | Nifty may consolidate, a close below 11,658 may lead to further selling
Episode 1330, Jun 19, 2019, 01:30 AM
Bulls regained control on D-Street on Tuesday after registering a big fall of nearly 500 points on the Sensex and over 100 points on the Nifty50 on Monday.
The rally also helped Sensex to snap its 4-day losing streak and close above 39000 levels while Nifty50 closed a shade below 11700 levels.
The Nifty50 bounced back from its crucial 50-days exponential moving average (EMA), and now a close above 11727-11800 would keep bulls in control of D-Street, suggest experts.
Positive global cues amid stimulus by ECB helped sentiment, but traders remained cautious ahead of the outcome of US Federal Reserve meeting on Wednesday. Most experts feel that the US Central Bank is unlikely to cut rates which eye commentary of Fed Chairman on future trajectory of rates.
Weak Chinese economic data, escalating trade war concerns, and political concerns in the Middle East continue to fuel the fear of deepening global slowdown, suggest experts.