Thursday, 24 November 2016

Opening Bell - Nifty below 8,000 mark

The S&P BSE Sensex is trading at 25,891, down by 160 points, while NSE Nifty is trading at 7,991 down by 42 points.

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The S&P BSE Sensex is trading at 25,891, down by 160 points, while NSE Nifty is trading at 7,991 down by 42 points ahead of F&O expiry gets underway.
Commodity market tips

Asian markets opened in the red except the Japanese 'Nikkei" which continues to be in a new bull market orbit. With the US markets closed on Friday for an extended weekend expect profit booking as globally markets digest the gains of last fortnight. Gold prices weaken & bond yields fell as the US $ & indices hit new highs.

The US indices saw their third day of gain ahead of the Thanksgiving Day holiday. The dollar has been on a one way street strengthened by expectations of higher interest rates from the Fed sooner than later. The languishing rupee is down nearly 3pc in November giving heart-aches to importers and some comfort to export-oriented companies.

Commodity market tips

Foreign investors have offloaded nearly Rs 12,000 crore net in equities and almost similar amount in bonds during November. The usual volatility may set in towards the close of trading. Signals are mixed from Asia even as the Japanese stocks continue to appreciate. The rollovers have been the lowest in half a year, especially the Bank Nifty. Few notable sectors seeing better rolls include pharma, auto, metals and real estate.

Nifty sees expiry of derivative contracts today for the November series with 8000 being the key fulcrum. Expect bulls & bears to exert pressure on the 8000 levels as most call & put writing around these levels indicates a good probability of expiry @ 8000.Foreign selling, rupee weakness & fall in bond yields continues to be the story for November which has seen high volatility as near term pain for longer term gain continues to be the theme for 2017.

On the economy front, Securities houses and rating agencies have cut their estimates of India’s GDP growth in anticipation of temporary headwinds from the 8 November demonetisation of high-value currency notes.

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1 comment:

  1. Rudra Investment Market Research – SEBI Registered Investment advisory Company In India. Our experts provides trading recommendations in Stock, Commodity and Currency Market.


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