Britain’s inflation rate in November has touched a 41 year high of 11.1%. Food prices in the country are up by 16%. This is the highest level of food price inflation in the country in more than 4 decades. UK’s Finance Minister also said that the country has entered into a recession. In September quarter, the economy contracted quarter-on-quarter by 0.2%. Japan’s economy has also contracted by 0.3% in the third quarter. American retailer Walmart has said that lower income customers are now dipping into their savings for buying consumer goods. Another retailer Target has said that customers are stressed. They are cutting down on consumption of everything. It expects weak Christmas season sale. Weakening of consumption in America will have an adverse impact on the global economy.
On the technical front, short term support for Nifty 50 is seen at 17970. Resistance is seen at 18600. IT stocks are likely to gain this week. Auto stocks may lose.
A Buy call is being given for this week on the stock of L&T Technology Services. Target price is Rs 3970. Stop Loss is Rs 3700.
A Sell call is being given for this week on the stock of Eicher Motors. Target price is Rs 3250. Stop Loss is Rs 3470.
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