Equity markets ended in red on Tuesday after a smart move in the previous two days due to profit booking, especially in heavyweights from higher levels. Mixed global cues have also kept investors cautious.
"A healthy result season and consistent FII buying have been providing support to the market. The overall trend remains positive, however, some consolidation may not be ruled out given the sharp-up move in the last few weeks," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services
Option data suggests a broader trading range in between 18000 to 18600 zones while an immediate trading range in between 18100 to 18450 zones.
Here's breaking down the pre-market actions:
Nifty futures on the Singapore Exchange traded 35.5 points, or 0.19 per cent, lower at 18,294, signaling that Dalal Street was headed for negative start on Wednesday.
- Tech View: Technically, a reversal formation and bearish candle on daily charts suggest profit booking is likely to continue in the near future and the Nifty could face resistance at 18400. Below the same, the index could retest the level of 18200 and may fall up to 18150. On the flip side, above 18400, the chances of the index hitting 18450-18475 would turn bright.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 0.91% to settle at 13.29 levels.
US stock indexes closed lower on Tuesday after a disappointing forecast from Home Depot and U.S. retail sales data for April pointed to softer consumer spending, while uncertainty about interest rates and debt limit negotiations weighed on sentiment.
Japan equities extended gains following better-than-expected economic growth that fueled further optimism about the outlook for the nation’s stocks. Stock indexes elsewhere in the region were mixed.
Oil prices fell for a second day on Wednesday after a surprise rise in U.S. crude inventories stoked demand concerns on the heels of weaker-than-expected economic data from the United States and China, the world's two biggest oil consumers.
The dollar was firm on Wednesday, supported by a safety bid as the U.S. hurtled toward its borrowing limit and boosted after solid economic data had traders trimming bets on imminent rate cuts.
Foreign portfolio investors net bought shares worth Rs 1,406 crore on Tuesday. So far in May, FPIs have invested about Rs 18,123 crore. DIIs sold shares worth Rs 886 crore today.
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