Nifty tests important support ahead of key election results

Reuters Updated - January 22, 2018 at 03:21 PM.

The NSE Nifty has broken the psychologically important level of 8,000 and fallen for the eighth session in nine.

7,900-7,950 is a technically important zone to watch as per historical supports and Fibonacci retracement.

A weekly closing below 7,900 may raise chances of NSE hitting 7,500, say traders.

Bihar election test for PM Narendra Modi, valuations and some miss on Q2 earnings also weighed on sentiment.

Final phase of election is under way in Bihar today. Exit polls are due tonight and results on November 8.

India is the most expensive market in Asia after the Philippines despite heavy underperformance since August vs other Asian markets.

The 50-shares NSE index trades at 18.2x PE, according to Eikon data

MSCI India is down 7.8 per cent since its August high compared to 7.4 per cent rise in MSCI Asia ex-Japan in the same period

L&T and ITC earnings point towards private expenditure not picking up.

Published on November 5, 2015 11:09
Tags