Market Outlook for 29 August 2016

Categories: Daily Market Outlook
August 29, 2016Posted By Admin

Indian markets may open on a cautious note following mixed trend seen in other Asian markets. SGX Nifty was trading 23 points down at 8604 at 8:55 am. US Markets ended lower on Friday. The Dow Jones Industrial Average slipped 53.01 points, or 0.29 per cent, to 18,395.4 in Friday’s trade. The S&P500 index lost 3.43 points, or 0.16 per cent, to 2,169.04.

Among Asian markets NIKKEI is trading significantly higher gaining more than 2% whereas Hangseng and KOSPI are trading slightly lower.

Nifty has been trading in a narrow range of 8540 to 8720 for quite some time and may give a big move on either side in coming days. We advise traders to close long positions if Nifty slips below 8540 as it may move lower towards 8320-8280 levels.

F&O Recommendation:

LONG TATA COMMUNICATIONS TARGET 548 SL 506