Dear
Trader…
Asian stocks followed Wall Street higher on
Monday after strong US hiring data suggested a possible recession might be
further away and that the US Fed would pause rate hikes this month. The
30-share BSE benchmark Sensex rose 240 points or 0.38% to settle at 62,787. The
broader NSE Nifty surged 60 points or 0.32 to end at 18,594.
From the Sensex pack, M&M, Axis Bank
and Tata Motors were the top gainers, rising 2-4%. L&T, Tata Steel, ICICI
Bank, Reliance, Maruti and IndusInd Bank also ended with gains. Whereas, Asian
Paints, Tech Mahindra, Nestle, HUL and Kotak Bank ended with cuts.
Shares of Indo Rama Synthetics closed 16%
higher after its wholly owned subsidiary lndorama Yarns started commercial
production of Bottle grade PET resins. Meanwhile, Rossari Biotech also closed
nearly 6% higher.
Nifty Auto Index was the top sectoral
gainer and hit a record high in trade, while the Nifty FMCG Index pared gains
after hitting an all-time high for the seventh straight session. In the broader
market, Nifty Midcap100 gained 0.14%, and Smallcap100 rose 0.36%
Global Markets –
Most Asian markets
rose on Monday on optimism the Federal Reserve would pause its rate hikes this
month after a mixed US jobs report. Tokyo’s benchmark gained almost 2%.
Shanghai, Hong Kong and Seoul also rose.Wall Street futures were subdued on
Monday after a solid rally last week, as investors weighed the possibility of a
pause in interest rate hikes by the Federal Reserve at its upcoming policy
meeting.Futures: Dow up 0.12%, S&P up 0.01%, Nasdaq down 0.27%
Oil rises – Oil prices rose by more than $1 a barrel on
Monday after top crude exporter Saudi Arabia pledged to cut production by a
further 1 million barrels per day (bpd) from July to counter macroeconomic
headwinds that have depressed markets.
Rupee drops – The rupee posted its biggest single-day
fall since mid-March on Monday, pressured by broad strength in the dollar,
weakness in the yuan, and likely hedging by importers following robust US jobs
data late on Friday.The rupee closed trading at 82.67 per dollar
compared with 82.3050 on Friday. During trade, the unit touched a low of 82.66
and shed 0.44% on day, to mark its worst session since March 14.
Nifty
futures opened at 18700.20 points against the previous close of 18653.95 and
opened at a low of 18676.60 points. Nifty Future closed with an average
movement of 52.40 points and a rise of around 60.70 points and 18696.65
points…!!
On the
NSE, the midcap 100 index will up 0.14% and small cap 100 index is closing up 0.36%.
At the
start of intra-day trading, August gold opened at Rs.59555 fell from a high of
Rs.59563 points to a low of Rs.59333 with a decline of 224 points, a trend of
around Rs.59384 and JULY Silver opened at Rs.71901, fell from a high of Rs.71901
points to a low of Rs.71384 with a decline of 599 points, a trend of around Rs.71421.
Meanwhile,
Following strong
momentum of the global indices, Indian markets started the week on a firm note
but due lack of follow through, Index remained rangebound throughout the day
and formed a shooting star candlestick pattern. In the higher
time-frame, the index is in a rising channel and correction, if any, will
provide good entry levels.
Technically, the
important key resistances are placed in Nifty future are at 18696 levels, which
could offer for the market on the higher side. Sustainability above this zone
would signal opens the door for a directional up move with immediate
resistances seen at 18770 – 18880 levels. Immediate support is placed at 18606 –
18474 levels.
Note :- Before
Act please refer & agree Terms & conditions, Disclaimer, privacy policy
& agreement on www.nikhilbhatt.in
