In a major relief to the investors on Dalal Street, the benchmark indices settled higher for the third straight week. The Sensex advanced 303 points to 54,482. Its broader peer, Nifty50, added 88 points to close above the 16,200-mark. For the week, the index advanced 3 per cent, its biggest weekly gain since May 20.
"Bulls seem to be tightening their grip on the markets as we saw a remarkable recovery during the week. Nifty spot not only reclaimed the 16,000 mark but also closed above the major hurdle of 16,200," said Mehul Kothari, AVP, Technical Research, Anand Rathi Shares & Stock Brokers.
"Since the index has closed well above the 16,200 mark, which has been the gap area on the daily time frame, we expect further upside towards 16,400 - 16,500. However, the upside journey might not be that easy since there are multiple hurdles in the range of 16,500/16,800. At this point, the Nifty is hovering near the 100% extension of the previous move. In addition, we have 78.6% retracement of the previous fall at the 16,450 mark and that is accompanied by the placement of the Span A hurdle of Ichimoku. Thus, for the coming week, we do not expect a one-sided move in the market and continue to remain cautious. We advise traders to keep booking short-term profits at higher levels. On the downside, 16,000 would be an important support for the short term, and a breach of the same might bring in nervousness back to our markets," he added.
source:EconomicTimes
*** *** *** *** ***
US Markets
Wall Street ended flat on Friday as Treasury yields jumped following a stronger-than-expected US jobs report, which suggested the Federal Reserve may push further interest rate hikes to cool the economy and slow inflation.
The Dow Jones Industrial Average ended down 0.15 percent, while the S&P 500 dropped 0.1 percent and the Nasdaq Composite added 0.12 percent.
Asian Markets
Asian shares started cautiously on Monday as investors braced for a US inflation report that could force another super-sized hike in interest rates, and the start of an earnings season where profits could be under pressure.
MSCI's broadest index of Asia-Pacific shares outside Japan hovered around flat. South Korea eased 0.3 percent, but Japan's Nikkei added 1.5 percent.
SGX Nifty
Trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 21 points. The Nifty futures were trading around 16,206 levels on the Singaporean exchange.
FPIs take out over Rs 4,000 crore from equities in July so far; pace of selling slows
Foreign investors continue to desert Indian equity markets and have pulled out over Rs 4,000 crore this month so far amid steady appreciation of the dollar and rising interest rates in the US. However, the pace of selling by foreign portfolio investors (FPIs) has been declining over the last few weeks.
Sebi weighs changes in insider trading norms to include dealing in MF units
The market regulator Securities and Exchange Board of India (Sebi) issued a consultation paper on July 8, to include dealing in mutual fund units under the Prohibition of Insider Trading Regulations.
This essentially means that if a fund manager or any other senior fund house official knows of any price sensitive information that could impact any schemes' net asset value (NAV), then they cannot sell the MF units.
The regulator, in its consultation paper, pointed out two incidents without getting into specifics as reasons for these changes.
No comments:
Post a Comment