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The Nifty slipped below the rising trendline on the daily chart, suggesting a bearish trend reversal. Besides, the index has fallen below the critical near-term moving average. Now, the trend is likely to remain weak as long as the index stays below 21,550. A decisive move above 21,550 might weaken the bears; until then, bears might control the market. On the lower end, support is placed at 21,400. A drift below 21,400 might take Nifty for a revisit to 21,250-21,200.
The Nifty slipped below the rising trendline on the daily chart, suggesting a bearish trend reversal. Besides, the index has fallen below the critical near-term moving average. Now, the trend is likely to remain weak as long as the index stays below 21,550. A decisive move above 21,550 might weaken the bears; until then, bears might control the market. On the lower end, support is placed at 21,400. A drift below 21,400 might take Nifty for a revisit to 21,250-21,200.
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The benchmark indices exhibited recovery from the day’s low and ended in red amid weak global cues, as investors are trimming bets on rapid FED cuts due to strong US retail sales and the resulting rise in global bond yields. Furthermore, oil price advances and rate escalation risks have led to disruptions in global shipping and crude production. The broader market continued its selling pressure given the elevated valuation and profit booking with an aim for sector rotation.
The benchmark indices exhibited recovery from the day’s low and ended in red amid weak global cues, as investors are trimming bets on rapid FED cuts due to strong US retail sales and the resulting rise in global bond yields. Furthermore, oil price advances and rate escalation risks have led to disruptions in global shipping and crude production. The broader market continued its selling pressure given the elevated valuation and profit booking with an aim for sector rotation.
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Rupee traded flat, fluctuating between 83.07 and 83.17, amid a stable dollar index around 103$. The range-bound session persisted after the last two days of weakness in the rupee from the 82.80 zones, where it faced resistance. The recent appreciation of the dollar kept pressure on the rupee, which continues to encounter resistance in the 82.80-82.90 zones. Broadly, the prices remain within the range of 82.80-83.30.
Rupee traded flat, fluctuating between 83.07 and 83.17, amid a stable dollar index around 103$. The range-bound session persisted after the last two days of weakness in the rupee from the 82.80 zones, where it faced resistance. The recent appreciation of the dollar kept pressure on the rupee, which continues to encounter resistance in the 82.80-82.90 zones. Broadly, the prices remain within the range of 82.80-83.30.
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