Financial Markets Research and Advisory

A little more than a year back, in March 2017 to be precise, the Bank Nifty broke out of a key continuation chart pattern at 20,500 with a solid upside target of around 6900 points, which was realized in late January this year.

India’s benchmark equity index, the Nifty 50 rallied to more than 3-week highs on 11th June 2018, led by gains in Bharti Airtel and Maruti Suzuki along with a couple of banking and pharma stocks.

WTI Crude is up about 4 percent this year after topping $66 a barrel earlier in January, the highest since December 2014. Since then, prices have been oscillating in the $58- 64 per barrel for more than a month now.

India’s broad index, Nifty- 50 slid about 8 percent from the all- time highs of 11171.55 realized towards the end of January this year.

Nifty slid close to 3 percent for the week ending 10th February, extending its decline to more than 5 percent for the month on the back of a global slump in equities.

The Nifty rallied to fresh peaks last week to settle above 11,000, surging close to 2 percent for the week and 5.5 percent in January.