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There is a temporary blip in the market momentum, due to a lack of fresh triggers after the hawkish commentary from the US Fed, lowering the plausibility of rate cut in the short-term. A near term consolidation seems probable as domestic investors await cues from the upcoming union budget. There is a growing opinion that the government could place emphasis on welfare, giving a fillip to consumption-led stocks.
There is a temporary blip in the market momentum, due to a lack of fresh triggers after the hawkish commentary from the US Fed, lowering the plausibility of rate cut in the short-term. A near term consolidation seems probable as domestic investors await cues from the upcoming union budget. There is a growing opinion that the government could place emphasis on welfare, giving a fillip to consumption-led stocks.
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Gold experienced a volatile week, finding support around ₹70,700 and resistance near ₹72,150. Despite minor gains of ₹350, gold remained positive as lower CPI data supported prices. However, the Fed's somewhat hawkish policy outcome kept pressure on gold. For the next week, gold prices are expected to trade within a range of ₹70,000 to ₹72,500.
Gold experienced a volatile week, finding support around ₹70,700 and resistance near ₹72,150. Despite minor gains of ₹350, gold remained positive as lower CPI data supported prices. However, the Fed's somewhat hawkish policy outcome kept pressure on gold. For the next week, gold prices are expected to trade within a range of ₹70,000 to ₹72,500.
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The rupee traded sideways in a flat range around 83.55, as the dollar stayed within its range. Despite volatility in the dollar index due to the CPI data and the Fed's policy decision, the rupee remained resilient against the dollar. The trend for the rupee will likely remain range-bound, but the undertone remains weak as it consolidates near its all-time low. A significant drop in the dollar below $103 would be necessary to trigger strong rupee buying above 83.00. Until then, the rupee is expected to trade within the range of approximately 83.20-83.75.
The rupee traded sideways in a flat range around 83.55, as the dollar stayed within its range. Despite volatility in the dollar index due to the CPI data and the Fed's policy decision, the rupee remained resilient against the dollar. The trend for the rupee will likely remain range-bound, but the undertone remains weak as it consolidates near its all-time low. A significant drop in the dollar below $103 would be necessary to trigger strong rupee buying above 83.00. Until then, the rupee is expected to trade within the range of approximately 83.20-83.75.
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The BankNifty continued its consolidation phase and was unable to surpass the 50000 mark, where the highest open interest is built up on the call side. The index needs to decisively surpass the 50200 mark to confirm an upside breakout towards the 51000 level. The lower-end support is placed at the 49500-49400 zone, and a break below this will open gates for further downside towards 49000.
The BankNifty continued its consolidation phase and was unable to surpass the 50000 mark, where the highest open interest is built up on the call side. The index needs to decisively surpass the 50200 mark to confirm an upside breakout towards the 51000 level. The lower-end support is placed at the 49500-49400 zone, and a break below this will open gates for further downside towards 49000.
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Nitco shares hits 5% upper circuit after its board approved a monetisation of immovable property in Mumbai and conveyance deed worth Rs 232 crore with Runwal
Nitco shares hits 5% upper circuit after its board approved a monetisation of immovable property in Mumbai and conveyance deed worth Rs 232 crore with Runwal
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In the near-term the market is likely to be range bound since there are no major triggers till the budget. Since the valuations are high, particularly in the broader market, any significant up move will invite selling from the FIIs. If the market trends down DIIs and retail investors will pursue a buy on dips strategy that has worked very well in this market. Sustained flows into mutual funds, particularly through the SIP route, and the retail investor's eager to buy any dip will keep the market resilient. Investors should now take a medium to long-term view and remain invested in the market focusing on fairly valued largecaps.
In the near-term the market is likely to be range bound since there are no major triggers till the budget. Since the valuations are high, particularly in the broader market, any significant up move will invite selling from the FIIs. If the market trends down DIIs and retail investors will pursue a buy on dips strategy that has worked very well in this market. Sustained flows into mutual funds, particularly through the SIP route, and the retail investor's eager to buy any dip will keep the market resilient. Investors should now take a medium to long-term view and remain invested in the market focusing on fairly valued largecaps.
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Yesterday’s session saw Nifty reach a new record high of 23,481.05 and Sensex peak at 77,145.45. Nifty’s crucial support is at 22,950 with its 200 DMA at 21,226. Investors anticipate consolidation amid uncertainties, awaiting India’s FY25 Budget announcement and the Federal Reserve’s next rate cut. Positive news includes the US 10-year Treasury yield dropping below 4.27%. Key stocks in focus are L&T, securing a major order from ONGC, and sugar stocks potentially benefiting from an MSP increase. Preferred trades are Nifty and Bank Nifty buys at CMP with specific target zones. Top stock pick is TITAN, recommended for its momentum play.
Yesterday’s session saw Nifty reach a new record high of 23,481.05 and Sensex peak at 77,145.45. Nifty’s crucial support is at 22,950 with its 200 DMA at 21,226. Investors anticipate consolidation amid uncertainties, awaiting India’s FY25 Budget announcement and the Federal Reserve’s next rate cut. Positive news includes the US 10-year Treasury yield dropping below 4.27%. Key stocks in focus are L&T, securing a major order from ONGC, and sugar stocks potentially benefiting from an MSP increase. Preferred trades are Nifty and Bank Nifty buys at CMP with specific target zones. Top stock pick is TITAN, recommended for its momentum play.
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