Ripples Advisory, Sensex drops over 350 points as trade war fears grip markets
The Sensex and the Nifty fell on Friday in line with Asian markets as rumblings of a global trade war sent shivers through stock and currency markets after US President Donald Trump announced long-promised tariffs on Chinese goods and China retaliated with a pledge to fight to the end any such war.
The Sensex opened 355.38 points lower at 32,650.89 against Thursday's close of 33,006.27. Similarly, the NSE Nifty fell 145.95 points to 9,968.80 against Thursday's close of 10,114.75.
Supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading. Click on the link to read the full technical view
Inox Wind (₹108.5)
The stock of Inox Wind has been in a long-term downtrend since encountering resistance at ₹480 in May 2015. Significant long-term resistance at ₹150 capped the stock’s rally in the months of December 2017 and January 2018. Overall, the short-term outlook is bearish for the stock
NSE stock futures hit 5-1/2-month low
NSE stock futures listed on the Singapore Exchange dropped as much as 1.4 per cent to their lowest since October 11, 2017, indicating losses for the Indian stock markets. Global stock markets slid as investors rushed to safe havens such as govt bonds after US President Donald Trump signed a memorandum that could impose tariffs on up to $60 billion of imports from China, although the measures have a 30-day consultation period.
Investors fear that the US measures could escalate into a trade war, with potentially dire consequences for global economy
In retaliation against US tariffs on Chinese steel and aluminium products, China unveiled plans to impose tariffs on up to $3 bln of US imports.
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