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The Bank Nifty index witnessed a volatile trading session, mainly declining due to a fall in HDFC Bank. The index is currently stuck in a range with resistance visible at 53000-53200, where aggressive call writing is observed, and support at the 52300-52100 zone. The index needs to break decisively on either side for trending moves. However, within the range, the view remains bullish, and declines should be utilized to buy the index.
The Bank Nifty index witnessed a volatile trading session, mainly declining due to a fall in HDFC Bank. The index is currently stuck in a range with resistance visible at 53000-53200, where aggressive call writing is observed, and support at the 52300-52100 zone. The index needs to break decisively on either side for trending moves. However, within the range, the view remains bullish, and declines should be utilized to buy the index.
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Raymond stock soars 8% after company approves demerger of its real estate arm, Raymond Realty subject to approval of shareholders and regulators.
Raymond stock soars 8% after company approves demerger of its real estate arm, Raymond Realty subject to approval of shareholders and regulators.
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"FIIs’ huge long position in the index derivatives and strong buying in the cash market can support the market in the near term. An important trigger may come from the US jobs data expected today. If the jobs data show a loosening labour market and a slowing economy, it can lead to rate cuts by the Fed in September. So, watch out for this data.At 80000 Sensex there is no valuation comfort in the market. Investors should expect only moderate returns in the medium term at the present levels. Long-term prospects are certainly bright and, therefore, investors can continue with systematic investment. Asset allocation based on risk appetite should be the strategy at this juncture in the market."
"FIIs’ huge long position in the index derivatives and strong buying in the cash market can support the market in the near term. An important trigger may come from the US jobs data expected today. If the jobs data show a loosening labour market and a slowing economy, it can lead to rate cuts by the Fed in September. So, watch out for this data.At 80000 Sensex there is no valuation comfort in the market. Investors should expect only moderate returns in the medium term at the present levels. Long-term prospects are certainly bright and, therefore, investors can continue with systematic investment. Asset allocation based on risk appetite should be the strategy at this juncture in the market."
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The defensive bet on large caps like IT and pharma gained momentum due to the diminishing US inflationary pressure, improvement in QoQ earnings outlook and a resultant sharp fall in the US 10 yr bond yield. The buoyancy in government spending and the green shoots in corporate earnings are now supporting the premium valuation. Return of FIIs to the domestic market and expectation of a rate cut in September are supporting market sentiment.
The defensive bet on large caps like IT and pharma gained momentum due to the diminishing US inflationary pressure, improvement in QoQ earnings outlook and a resultant sharp fall in the US 10 yr bond yield. The buoyancy in government spending and the green shoots in corporate earnings are now supporting the premium valuation. Return of FIIs to the domestic market and expectation of a rate cut in September are supporting market sentiment.
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Gold traded flat around $2355 and ₹72,350 due to the US Independence Day holiday, resulting in low volume and less participation in the commodity markets. Key data lined up for Friday, July 5, 2024, includes the Unemployment and Non-farm Payrolls data, which are crucial for the Fed's decision-making. Weak Non-farm Payrolls and higher unemployment data will support gold prices, whereas lower unemployment data will pressure gold. Support for gold is seen at ₹71,800 and resistance at ₹72,850.
Gold traded flat around $2355 and ₹72,350 due to the US Independence Day holiday, resulting in low volume and less participation in the commodity markets. Key data lined up for Friday, July 5, 2024, includes the Unemployment and Non-farm Payrolls data, which are crucial for the Fed's decision-making. Weak Non-farm Payrolls and higher unemployment data will support gold prices, whereas lower unemployment data will pressure gold. Support for gold is seen at ₹71,800 and resistance at ₹72,850.
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