Asian stocks declined on Friday after the U.S. authorized targeted - TopicsExpress

Asian stocks declined on Friday after the U.S. authorized targeted airstrikes on Iraq and as investors awaited key Chinese data. Speaking at a press conference, U.S. president Obama said he authorized the U.S. military to make targeted airstrikes in Iraq to protect American personnel. His remarks came as the U.S. began an effort to drop humanitarian aid to Iraqi civilians in the northwest of the country. The Bank of Japans (BOJ) monetary policy decision is also due on Friday. No surprises are expected but investors will be looking out for any changes in the accompanying statement on the economy. NIKKEI: 14776.88 (-2.99%) HSI: 24312.01 (-0.31%) ASX 200: 5447.30 (-1.12%) SHANGHAI: 2188.41 (+0.03%) KOSPI: 2028.54 (-1.26%) CNBC 100: 7294.79 (-1.45%) SGXNIFTY: 7590.00 (-1.05%) Domestic markets expected to open with downward gap between weak global cues. Concerns in Iraq may hurt traders sentiments. Technically our domestic markets are strong which may help in recovery from support levels but continuous pressure from global markets may limit the recovery. Every dip is an opportunity for the investors but traders need to cautious. According to Institutional traders data, minor profit booking seen in market yet traders are optimistic. Though, currency weakness may force FIIs to slow down their inflow which conclude that traders should keep eye on currency moves as strength in Rupee may increase the FII flow but currency weakness may worse the scenario. According to options data, total open interest is highest at 7500PE in downside which forms strong support around 7500-7450 in worse market scenario. For Intraday, Nifty expected to open with downward gap below 7580 level. Immediate support expected around 7550-7520. After gap down, it will be interesting to see that will market try to fill the open gap in Intraday or not. We expect an attempt of gap filling process which may resist around 7580-7600-7630. Its important for intraday traders to keep close eye on global developments as sometimes in such sort of uncertainty rumors cause unexpected move in either side. With expectation of some recovery from lows we suggest traders to trade safe and trade wise as disappointing session is waiting for us. Have Good Trading Day.

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