Indian markets likely to trade in range, await Fed rate cut decision
The
GIFT Nifty was trading flat at 25,163 points in the early morning session,
indicating a muted open for the benchmark Nifty 50. US and European equity
futures were steady in Asian trading. S&P 500 futures flat Euro Stoxx 50
futures up 0.1%. Earlier, the NSE Nifty 50 settled 108.5 points or 0.43% higher
at 25,114 and the BSE Sensex closed 355.97 points or 0.44% up at 81,904.7.
This
is the eighth straight gain of the Nifty, indicating bulls are getting in
charge. Asian equities were mixed during early trading on Monday, with the
benchmark in South Korea up while Australia and Hond Kong dipped. Japan is
closed for a holiday. MSCI’s Asia equity index also traded near a record high.
Fundamental Update
- DCX Systems - The company signs a memorandum of
understanding with Tamil Nadu government to set up a manufacturing facility for
a JV company at Hosur. Positive
- Seamec - The company approves MV Goodman from
HAL Offshore to replace Spider Deck according to ONGC contract. Positive
- Rashtriya Chemical Fertilisers - The company
starts operation of liquid carbon dioxide plant at Trombay unit. The production
capacity of the Trombay plant is 100 MTPD. Positive
- Som Distilleries - The
company updates that the customs department has conducted an inquiry of import
& export transactions at its Bhopal office and factory. Negative
Technical Update
- NIFTY – Nifty continued upward journey to gain another 100 points to settle at 25,114 on Friday. Index is likely test near term resistance of 25,200, which is crucial for any short covering by FPIs. Today’s range 25,000 – 25,200.
- BANKNIFTY – Bank nifty has advanced further
towards 55K with another 200 points gains to close at 54,889 on Friday. Index
has closed above 17 day EMA of 54,535 and likely to move towards 55K. Today’s
range – 54,650 – 55,050.
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