Indian markets continue range bound trading, await fresh clues for
direction
In
the early morning, the GIFT Nifty was trading flat at 25,158, indicating a
muted open for the benchmark Nifty 50. Asian equity benchmarks rose, tracking
gains in the US stocks on Monday. Asian stocks posted modest gains at the open
after Wall Street hit fresh highs ahead of an expected Federal Reserve
interest-rate cut this week. Shares in Japan, Australia and South Korea opened
higher, with the MSCI Asia-Pacific Index hovering near its record high.
S&P
500 contracts were steady, as a $14 trillion record-breaking run in US equities
headed for an inflection point. US index futures traded flat, with marginal
gains of 0.02% while Euro Stoxx 50 futures were down 0.15%. The Nifty 50
snapped an eight-day winning streak on Monday with the NSE Nifty 50 settling 44.80
points or 0.18% lower at 25,069.20 and the BSE Sensex closing 118.96 points or
0.15% down at 81,785.74. The Nifty fell as much as 0.26% during the day to
25,048.75, while the Sensex was down 0.20% to 81,744.70.
Fundamental Update
- Wipro - The company in an agreement with CrowdStrike
to deliver AI-powered unified security services. Positive
- Thyrocare Tech - Parent company API Holdings proposed
to avail of debt by issuance of NCDs aggregating to Rs 1,700 crore. Positive
- Adani Enterprises - The company receives LoA from
National Highways Logistics Management Ltd for building the prestigious ropeway
project connecting Sonprayag with Kedarnath. Positive
- NCC - The company received Rs 2,090 crore
order for the construction of Barnar Reservoir from the Bihar water resource
department. Positive
Technical Update
- NIFTY – Nifty slipped marginally to settle
at 25,069 on Monday. Index is facing resistance at 25,200, while 25K is strong
near term support. Today’s range 25,000 – 25,200.
- BANKNIFTY – Bank nifty released early gains to
close steady at 54,889 on Monday. Index has tested 55K during yesterday’s
session and 50 day EMA of 55,140 is near term resistance. Today’s range –
54,650 – 55,150.
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checking the correctness and authenticity of the information before publishing
research report. We shall not be in any way responsible for any loss or damage
in analysis or views obtained from the use of information contained in this
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