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By EquityPandit

EquityPandit

EquityPandit
NIFTY IT

CNX IT Outlook for Next Week (August 10, 2015 – August 14, 2015)

EquityPandit’s Outlook for CNX IT for week (August 10, 2015 – August 14, 2015):

 

CNX IT:

 

cnxit

CNX IT index closed the week on absolutely flat note.

During the first half of the week the index could not sustain above the resistance zone of 11600 and index sold off to the levels of 11380. On 05/08/2015 the index recovered and close above the resistance zone of 11600.

As we have mentioned last week that the index has formed a Bullish engulfing pattern on monthly charts. If the index manages to close above the levels of 11800 the index will break-out of the 3 months consolidation, the index hit a high of 11740 levels and retraced back to the levels of 11600.

If the index manages to close above the levels of 11800 the index can move to the levels of 12800 to 13000 in 1 to 2 months time frame.

Support for the index lies around the zone of 11400 to 11500 where short term moving averages and trend-line support are lying.

Resistance for the index lies in the zone of 11800 to 11900 where upper end of the channel is positioned.

Broad range for the index in the coming week is seen from 11200 on downside to 12000 on upside.

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India, Chile Strengthen Ties with Focus on Critical Minerals & Defence

Dhruva Kulkarni

India and Chile have agreed to launch talks on a comprehensive economic partnership to strengthen bilateral trade.

Prime Minister Narendra Modi and Chilean President Gabriel Boric Font met in New Delhi on 1st April to discuss trade, defence, critical minerals, and health, with Chile as a key Latin American partner for India.

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Both leaders agreed to begin negotiations for a trade pact to expand investment opportunities and economic ties. Collaboration on critical minerals will focus on building resilient supply and value chains, while defence cooperation will include industrial manufacturing and supply networks tailored to mutual needs.

Additionally, both nations will work together on security challenges, including organised crime and terrorism, while simplifying visa procedures to promote student exchanges.

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China’s Private Factory Output Beats Forecasts Despite Trump Tariffs

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China’s manufacturing activity grew at its fastest pace in four months, defying expectations ahead of Trump’s planned tariff hikes on exports to the US.  

The Caixin manufacturing PMI rose to 51.2 in March from 50.8 in February, surpassing forecasts and indicating expansion.  

Supply and demand improved, and exports grew, but the job market remained weak, and deflationary pressures persisted.

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The private survey focused on small and export-driven firms and showed stronger results than the official poll.  

Despite US tariffs, China’s manufacturing sector displayed resilience, with new export sales rising at the fastest pace in nearly a year.  

Trump’s administration plans new reciprocal tariffs on 2nd April, with China warning of retaliation, adding to trade uncertainty.

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German Retail Sales Climb, But Import Costs Weigh on Outlook

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German retail sales rose 0.8% in February, surpassing analyst expectations of 0.2%, but increasing import prices pose inflation risks that could impact consumer spending.

Economists remain cautious, citing weak consumer sentiment. Chief economist Alexander Krueger noted that growing job concerns are limiting spending. Unemployment increased by 26,000 in March to 2.92 million, nearing the 3 million mark for the first time in a decade.

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Import prices jumped 3.6% year-over-year in February, the highest in over two years, driven by food costs. As Germany imports many raw materials, these higher costs could push inflation up.

March inflation data, set for release on Monday, is expected to drop slightly to 2.4% from 2.6% in February.

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Xi Jinping Meets Global CEOs Amid Slowing Investment

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Chinese President Xi Jinping met with global CEOs in Beijing to attract foreign investment and support China’s slowing economy amid geopolitical tensions.  

Beijing faces challenges reassuring investors about its $18 trillion economy, with concerns over strict regulations, crackdowns on foreign firms, and a business environment favouring state-owned companies.  

Xi thanked foreign enterprises for contributing to trade, industry, tax revenue, and job creation. Around 40 executives, mostly from the pharmaceutical sector, attended the meeting as China seeks to reverse a sharp 27.1% drop in foreign direct investment (FDI) in 2024—the steepest decline since the 2008 financial crisis.

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He emphasised the role of multinational corporations in stabilising the global economy and urged them to support economic cooperation. The meeting followed the China Development Forum, where Premier Li Qiang called for open markets amid rising global uncertainty.  

Xi has also engaged domestic businesses, including a rare meeting with China’s top tech leaders last month, signalling efforts to restore economic confidence.

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Putin Accepts Modi’s Invite to India, Preparations Begin

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Russian President Vladimir Putin has accepted Prime Minister Narendra Modi’s invitation to visit India, with preparations underway, Russian Foreign Minister Sergey Lavrov announced on 27th March.

Speaking at the ‘Russia and India: Toward a New Bilateral Agenda’ conference, Lavrov confirmed that arrangements for the visit are in progress but did not disclose the dates.

He noted that Modi’s first foreign visit after his re-election in 2024 was to Russia, adding, “Now it’s our turn.” Modi last visited Russia in July 2024 after nearly five years.

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On 24th March, Lavrov stated that Russia is developing a “privileged strategic partnership” with India while expanding ties with China, Iran, North Korea, and CIS nations.

In January, Putin emphasised Russia-India relations as a “special and privileged strategic partnership” in his Republic Day message to India.

Modi and Putin maintain regular communication, speaking over the phone every few months and meeting in person during international events.

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