Ivrcl news economic times forex
- 18.07.2020
- Moogujora
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Further more, the level from where the NIFTY rebounded also represents a confluence area formed by two support pattern trend lines. If we see violation of this point, we may see incremental weakness coming in. So long as the NIFTY is able to stay above this point, there are higher possibilities of a technical pullback happening.
The dollar index surged 0. Rupee February futures depreciated by 0. Stock is currently trading at 10x and 8. This geopolitical tension is leading to a sharp rise in crude oil prices which is another headwind for Indian equity markets. World markets were trying to digest record inflation in the US but the surge in geopolitical tension spoiled the mood.
There is some sentimental impact of the bank fraud issue of ABG group on banking stocks but it doesn't have a material impact as it is already part of NPA. There are no worries till Nifty trades above the level but if Nifty slips below then things may become ugly. While it is a wide range, traders should exercise extreme caution at the current juncture. Stop losses are large and whipsaws cannot be ruled out. Hence it is better to wait for a close below to re-evaluate the trend. Closing below is imperative for a bearish view to get activated.
On the upside is the current resistance level. Silver March futures jumped Rs or 1. Weakness in global markets is the direct fallout of the Ukraine crisis. Crude at an eight year high is another major macro concern for India. Continuation of the accommodative monetary stance too will be difficult. Bounce back possible with Stop Loss of 16, The JV will use multi-orbit space networks that is a combination of geostationary GEO and medium earth orbit MEO satellite constellations capable of delivering multi-gigabit links and capacity to enterprises, mobile backhaul and retail customers across the length and breadth of India and neighbouring regions.
The Nifty IT and Pharma indices had the lowest cut of 0. This comes after the IT major on Saturday announced that it has fixed February 23, , as the record date for the purpose of determining the entitlement and the names of the equity shareholders who shall be eligible to participate in TCS' share buyback.
Given factors clearly indicates that heavy dark clouds are hovering on the Indian Rupee and one can expect a further depreciating move towards The state-owned oil and gas major reported a consolidated profit PAT of Rs 11, crore on Friday for the third quarter ended December , up per cent from the profit of Rs 3, crore reported in the corresponding quarter a year ago. The scrip touched intraday low of Rs 2, on BSE. Muted domestic equities, sustained foreign fund outflows and elevated crude oil prices also weighed on the local unit.
At the interbank foreign exchange, rupee opened at It witnessed an intra-day high of If the market is unable to sustain the level of , the market might see the correction till the level of while resistance is expected at We believe, this would trigger elevated volatility in the equity market.
In the process, we expect strong support for the Nifty is placed around January low of In the coming week, India VIX which gauges the market sentiment will be the key monitorable, as cool off in India VIX would provide support for the market and lead to prolongation of ongoing consolidation in the broader range of amid stock specific action.
Series of descending tops and ascending bottoms on short term charts confirms congestion phase, hence sustenance on either side is required for any directional action to set-in. As long as Nifty remains beneath levels of , on the flip side, it might revisit levels of UK already issued a warning for British citizens to leave Ukraine as tensions with Russia mounted further.
Amid this backdrop, we expect a negative start for Indian indices and recovery is expected to be capped. However if the index breaks below level it would witness selling which would take the index towards For the week, we expect Nifty to trade in the range of with mixed bias.
The daily and weekly strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. Ongoing Russia-Ukraine conflict, rising crude oil prices and relentless selling by FPIs, put pressure on domestic markets.
The Sensex fell 0. Nifty Midcap index decreased by 2. On sectoral front, Metal Index was up 3. A poll conducted by Reuters pegs the fourth quarter GDP growth at 4. Higher growth than in the third quarter will spark hopes that the economy has bottomed out and is in the recovery phase.
A slower than expected growth will confirm the weakness in the economy. Asian markets are trading higher. Read more. Overnight, US markets closed firm. Weaker than expected economic growth data and rise in jobless claims eased concerns that the Federal Reserve would begin to gradually scale back its stimulus measures. Read the Reuters report. The RBI governor said the current account deficit would be a key factor in monetary policy decisions.
Banking stocks will be in focus today. To address the risk of restructured loans turning bad the Reserve Bank of India has tightened the rules for corporate debt recasts, reports Mint. Banks will have to set aside more money to cover restructured loans now.
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