Stock Market Today by Shailesh Saraf 18th May 2016
Indian Market Outlook:
Nifty tested its multiple resistance zone from 7930 to 7950 yesterday. After making a high of 7957 in the second half Nifty reversed from its resistances to make a low of 7896 and closed at 7907. Today, Nifty is expected to open further gap down by 30 points at 7878 as per SGX Nifty at 8:45 am IST.International Market Outlook
Oil prices are trading near 2016 highs on Wednesday, as supply disruptions and output cuts continued to tighten the market, although traders cautioned that high global crude inventories were still weighing on markets. S&P shed off the gains of 16th may yesterday after falling 36 points from its high yesterday to currently trade at 2015. In the Asian markets, Nikkei is testing its previous week high of 16804, which is also its range high. Hangseng and Shanghai Composite of China have already corrected from their range highs yesterday to make new lows today morning. The morning action signal a weakness in the global markets.