Dear
Trader…
On the first day of the week, the
Indian stock market started trading with the expected strength and continued to out-perform broader
indices and creating high volatility as bond yields stabilized in the United
States, local economic data improved, spectrum auctions received a good
response, and the vaccination process in the country progressed smoothly and massive buying by FIIs.
The new wave of Corona transition is also on the rise as the
Corona vaccination program is gaining momentum in anticipation of success in
controlling Corona in the coming days. However, the positive impact of the
modest rise was seen in the Indian stock market today.
Friends, the global economy is not yet fully open and the
rise in crude prices is worrying against the government’s dream of creating a 5
trillion economy by reviving India’s economy. In the absence of any significant
developments at the local level, Indian markets are likely to determine trends
based on global developments and US market signals.
Brent crude prices came close to an estimated two-year high
last weekend following OPEC’s decision to cut production. Investors will keep
an eye on long-term bond yield trends, crude oil prices and macroeconomic data
in the coming days following last week’s major upheaval in the market.
Apart from investments by foreign portfolio investors and
domestic investors, the Indian stock market will also keep an eye on the
rupee’s position against the US dollar and the number of cases of corona virus.
In the Indian stock market, the funds have started easing
the bullish trade with a break in the record highs in the last two weeks, which
is likely to lead to a two-way rally in the coming days in the wake of rising
foreign fund sales.
We still maintain our stance that the trend is volatile and pullback rally is in offing and selling may emerge. Hence trader needs to be cautious at current level.
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