Nifty is currently trading within the range of last two trading sessions. Nifty is likely to trade in range of 17,400 to 17,700 for the short term.

U.S. stocks finished mostly higher and snapped four-day losing streak, while the Nasdaq Composite recorded its longest losing streak since February. Global bonds as a whole slumped into their first bear market in a generation. Moody's slashed its forecast for the world's top 20 economies to 2.5% growth from 3.1%, while Fitch acknowledged the euro zone was now set for recession. Nifty failed to build on the large gains made on the previous session. Global sentiments have been able to halt the rallies in India over the past few weeks, though the broader market seems positive. 17,696-17,345 could be the band for the Nifty in the near term.

Nifty has got strong support at 17,500 odd levels, while 17,700 could act as a resistance. Markets are expected to remain stock specific bullish in today’s session.

U.S. stocks ended lower on Wednesday cementing the weakest August performance in seven years as sluggish job growth in the private sector and anxieties about a looming recession following Chair Powell’s Jackson Hole speech drove major indexes to their fourth straight losing session. Dow finished August down 3.9%, while the S&P 500 brought its loss for the month to 4.2%. The Nasdaq posted a monthly drop of 4.6%. Indian markets could open sharply lower, in line with lower Asian markets today and lower US markets on Tuesday and Wednesday.

With the Nifty bouncing back sharply, traders will need to watch if the Nifty can now cross the recent swing highs of 17,727 for further upsides. Immediate supports are now at 17,519.

U.S. stocks finished with back-to-back losses on Monday, handing Dow industrials an almost 1,193-point loss in the past two trading days. Crude Oil was trading near the highest since late July. Potential production outages in Libya could exacerbate a global energy crunch. Our markets could open in the positive, in line with mostly higher Asian markets today and despite lower US markets on Monday.

With the Nifty moving sharply lower, the short term trend is now down. Further downsides are likely once the immediate support of 17,166 is broken.

A weekly wrap-up of currency markets. Check out the podcast on currency by Dilip Parmar.

U.S. stocks tumbled Friday. Global especially Asian shares are sliding. Indian markets could get impacted by the turn in global sentiments and as more investors turn risk averse ahead of the historically down month of September. However, the intensity and amount of fall in India will be limited as its economy may not be linked fully with the happenings in the US economy. A breakout above/below 17,727-17,133 will determine the short term direction of the Nifty going forward. Indian markets could open sharply lower, in line with negative Asian markets today and sharply lower US markets on Friday.

Weekly audio podcast summarising the happenings of the past week and forecasting the market direction in the coming week.