A morning walk down Dalal Street | Stiff resistance for Nifty at 11,100-11,200
Episode 1603, Aug 26, 2019, 01:30 AM
Nifty50 which closed with losses of about 2 percent for the week ended August 23 could see a strong opening when the market will resume trading on August 26 after Finance Minister Nirmala Sitharaman’s booster shot for the economy.
However, the gains might be capped, as the US President Donald Trump escalated the trade war as he announced a wave of higher tariffs on Chinese goods & services.
Trump said existing 25% tariffs on some $250 billion in imports from China would rise to 30% come Oct. 1, the 70th anniversary of the founding of the People’s Republic of China.
Trump’s move, announced on Twitter, came hours after China unveiled retaliatory tariffs on $75 billion worth of U.S. goods, prompting the president earlier in the day to demand U.S. companies move their operations out of China, said a Reuters report.
The Indian markets fell for a third straight week with both Sensex and Nifty trading below their crucial support placed at 37,000 and 11,900 respectively.