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INDEX OUTLOOKMARKET OUTLOOKNIFTY FINANCIAL SERV

NIFTY FINANCIAL SERV Outlook for the Week (April 22, 2024 – April 26, 2024)

NIFTY FINANCIAL SERV
NIFTY FINANCIAL SERV
NIFTY FINANCIAL SERV closed the previous week on a negative note losing 3.19%.

Technically, NIFTY FINANCIAL SERV share price will see immediate support at 20,785.80 and immediate resistance would be seen at 21,468.75.

If NIFTY FINANCIAL SERV share price closes below immediate support of 20,785.80, then sharp breakdown can be seen. NIFTY FINANCIAL SERV share price will see major support at 20,398.60 for the week.

On the positive side, immediate resistance will be seen at 21,468.75. Closing above 21,468.75, NIFTY FINANCIAL SERV share price will see a sharp breakout. Major resistance for NIFTY FINANCIAL SERV share price will be seen at 21,764.50 for the week.

Trading range for NIFTY FINANCIAL SERV share price for this week should be between 20,102.85 on down side and 22,151.70 on up side.

NIFTY FINANCIAL SERV Previous Week High: 21377.3

NIFTY FINANCIAL SERV Previous Week Low: 20694.35

NIFTY FINANCIAL SERV Previous Week Range: 682.95 Points

NIFTY FINANCIAL SERV share price support and resistance for the week (April 22, 2024 – April 26, 2024)

Level Type Value
Resistance 3 22,151.70
Resistance 2 21,764.50
Resistance 1 21,468.75
Support 1 20,785.80
Support 2 20,398.60
Support 3 20,102.85
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Xi Jinping Tries to Win Support in Southeast Asia as Trump Pauses Some Tariffs

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President Xi Jinping’s first trip abroad this year aimed to showcase China’s strength in Southeast Asia. However, with President Trump pausing some tariffs, the focus shifted to preventing regional leaders from siding against Beijing.

Xi is visiting Vietnam, Malaysia, and Cambodia to strengthen ties, offering investments, tech cooperation, and better market access to promote China as a stable trade partner.

Trump’s move pressures Southeast Asian nations to stop helping China bypass US tariffs through trans-shipping goods, placing these countries in a delicate position between the US and China.

Cambodia strongly supports China, while Vietnam and Malaysia are more cautious due to economic and political concerns.

Despite the tariff pause, Trump’s tariffs still threaten these nations, forcing them to act quickly or face high duties.

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The dispute has escalated, with US tariffs on Chinese goods reaching 145% and China retaliating with 84% tariffs, bans on Hollywood films, and market restrictions.

Xi is strengthening ties with Europe and Asia, engaging with Spain and planning visits to Vietnam, Malaysia, and Cambodia to build alternative trade alliances.

He urged the EU and Spain to resist “unilateral bullying,” emphasising deeper collaboration in energy, high-tech manufacturing, and smart cities.

With no resolution, China focuses on internal resilience and global outreach while sidelining direct US negotiations.

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The People’s Bank of China (PBOC) issued informal guidance asking banks to avoid buying dollars for their accounts and tighten checks on client transactions.

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The yuan has weakened by 1.3% this month, with its offshore counterpart hitting a record low.

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The yuan rebounded slightly after the news, but concerns over the trade war’s impact on China’s economy remain high.

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