Monday, 6 February 2017

Opening Bell - Nifty trades close to crucial level of 8800; Axis Bank up by 1.9%

BSE Sensex opened higher by 99.48 points at 28340.39, while the Nifty50 opened higher by 44.5 points at the 8785.45 mark. 

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The BSE Sensex opened higher by 99.48 points at 28340.39, while the Nifty50 opened higher by 44.5 points at the 8785.45 mark.

There are 970 advances, 408 declines and 415 unchanged stocks on NSE reflecting firm positive start for Monday’s trading session.
Intraday Tips

The rupee opened at 67.20 per dollar up by 11 paise. The rupee touched its three months high of 67.22 per dollar up by 0.14% in first few minutes of trading.

The zone of 8760-8780 is likely to act as a resistance zone of the Nifty. A decisive move above this range is likely to open gates for upmove up to level of 8830. On the downside, support is likely to come in around the level of 8650.

The US stocks closed near day’s high, with Dow Jones reclaiming a close above 20,000 mark, while Nasdaq reached a record level. The steps taken by President Donald Trump to roll back bank regulations and a stronger-than-expected January jobs report contributed to the upbeat sentiment.

The European markets closed in positive territory on Friday. FTSE closed, up by 47.55 points, CAC 40 closed with gains of 31.13 points and German DAX closed higher by 23.54 points.

Asian stocks advanced on the first trading day of the week following a rally in the US markets. Japan’s Nikkei 225 is trading at 18974.07 levels up by 55.87 points, Hang Seng is also trading higher by 151.14 points, while Shanghai Composite is trading higher by 9.89 points. SGX Nifty is trading at 8807 levels up by 47.50 points or 0.54%.

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