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Bulls charged on D-Street from the word go as they helped Nifty to climb 10,550 as well as 10,600 levels on closing basis. The index which made a bullish candle on the daily charts formed a Hammer-like pattern (not exact) on the weekly charts.
The Nifty is now trading above its crucial short-term moving averages and today’s intraday low of 10,524 will be of big importance in the coming week, suggest experts. A break below this level could again put further pressure on the index amid expiry week volatility.
On the upside, the next target for the index is placed at 10,733 levels but bulls will be able to take full control of the index if it surpasses 10,929 which was recorded on May 15, 2018.
The Nifty which opened at 10,533 slipped marginally to hit an intraday low of 10,524. Bulls took control of the index and pushed Nifty above 10,600 to hit an intraday high of 10,628 before closing the day at 10,605, up 91 points.
India VIX fell down up by 4.46 percent at 12.55 levels. On the options front, maximum Put OI is intact at 10,500 followed by 10,400 strikes while maximum Call OI is placed at 10,800 followed by 11,000 strikes.
According to Pivot charts, the key support level is placed at 10,543.47, followed by 10,481.73. If the index starts moving upward, key resistance levels to watch out are 10,647.47 and 10,689.73.
The Nifty Bank index closed at 26,273.6. The important Pivot level, which will act as crucial support for the index, is placed at 26,094.8, followed by 25,916.0. On the upside, key resistance levels are placed at 26,389.0, followed by 26,504.4.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies.
Wall Street falls on Italy worries; bank shares drop
The S&P 500 and the Dow Jones Industrial Average registered their biggest one-day percentage drops in a month on Tuesday as political turmoil in Italy sparked concerns about the stability of the euro zone and shares of US banks tumbled.
Italy has been unable to assemble a coalition government since inconclusive elections in March, which saw the rise of anti-establishment parties that support leaving the euro. The most recent nominee for prime minister failed to secure support from the country's major political parties
Asian stocks tumble as Italian crisis knocks global sentiment
Asian shares extended a global sell-off in early trading Wednesday as Italy's political crisis provoked a heavy retreat on Wall Street, sent the euro to a 10-month low and pushed up borrowing costs for the government in Rome.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.1 percent, while Japan's Nikkei average shed 1.7 percent to hit a six-week low. South Korea's KOSPI and the Australian stock benchmark slipped 1.6 percent and 0.7 percent, respectively.
SGX Nifty
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 80 points or 0.76 percent. Nifty futures were trading around 10,546-level on the Singaporean Exchange.
Top North Korea envoy to hold crucial talks in US about summit
A top North Korean official was headed to New York on Tuesday for talks with U.S. Secretary of State Mike Pompeo, the latest indication that an on-again-off-again summit between President Donald Trump and North Korean leader Kim Jong Un may go ahead next month.
Trump confirmed in a tweet that Kim Yong Chol, a former spy chief and trusted adviser to North Korea’s leader, was on his way for what would be the highest-level meeting in this week’s flurry of diplomatic activity aimed at salvaging the historic summit.
India GDP growth seen at 7.3% in January-March 2018
The Indian economy probably gained a little momentum in the first three months of 2018 which should ensure that it remains the world’s fastest growing major economy, a Reuters poll found.
Gross domestic product (GDP) expanded an annual 7.3% in the first three months of 2018, the 24-29 May poll of 55 economists predicted, a touch faster than the 7.2% achieved in the last three months of 2017—and well above China’s pace of 6.8% for the quarter ending in March.
Also Read: Stocks in the news: ONGC, ICICI Bank, Glenmark Pharma, Fortis, Interglobe Aviation, BoB
Exporters’ cup of woes runneth over as GST refunds swell to Rs 20K cr
Exporters continue to struggle with GST-related refunds, with as much as Rs 20,000 crore pending with the Centre and the state tax department officials.
“As per our estimate, refunds of over Rs 20,000 crore are pending on account of IGST (Integrated Goods and Service Tax) and ITC (input tax credit) and many exporters have not been able to file the refund of ITC due to technical glitches as input tax credit and exports happened in different months,” President of Federation of Indian Export Organisations (FIEO) President Ganesh Kumar Gupta said.
Euro buried near multi-month low as Italian political crisis deepens
The euro was buried near multi-month lows against major rivals on Wednesday as Italy’s political crisis deepened, raising the likelihood of an early election that some market players fear could lead to a eurosceptic government in Rome.
The euro, which slipped to a 10-month low of USD 1.1510, on Tuesday, and last stood at USD 1.1542, little moved in Asian trade. It has fallen 4.5 percent so far this month.
India's top fuel retailer trims petrol, diesel prices
Indian Oil Corp, the country’s top refiner and fuel retailer, has marginally cut pump prices of petrol and diesel around India, its website showed on Wednesday. In New Delhi, a cut of less than 1 percentage point means that petrol will cost 77.83 rupees/litre on Wednesday, while diesel will be sold at 68.75 rupees/litre.
Oil prices fell to about USD 75 a barrel as Saudi Arabia and Russia said they were ready to ease supply curbs that have pushed crude prices to their highest since 2014.
Oil prices mixed amid worries over growing supplies
Oil prices were mixed in early Asian trade on Wednesday, with worries that Saudi Arabia and Russia will pump more crude weighing on the market. Saudi Arabia and Russia have discussed raising OPEC and non-OPEC oil production by 1 million barrels per day (bpd) to counter potential supply shortfalls from Venezuela and Iran.
Brent crude was down 1 cent at $75.38 a barrel by 0015 GMT, after settling up 9 cents on Tuesday. U.S. West Texas Intermediate crude was up 13 cents, or 0.2 percent, at $66.86 a barrel, having earlier settled down $1.15.
Fuel prices to weigh on RBI's MPC 3-day meet from June 4
Hardening domestic fuel prices are likely to weigh on the Reserve Bank's rate setting panel, MPC, at its 3-day meet from June 4. This is the first time that the Monetary Policy Committee will meet for three days due to "administrative exigencies".
"The MPC will meet on June 4-6, 2018 for the Second Bi-monthly Monetary Policy Statement for 2018-19. The resolution of the MPC will be placed on the website at 2.30 pm on June 6, 2018," the Reserve Bank of India said in a statement.
Govt weighs linking drug prices to WPI inflation
The government is considering the feasibility of linking the permitted annual increase in prices of non-scheduled formulations to the Wholesale Price Index (WPI) in a bid to regulate the prices of drugs. The move, if implemented, could deal a big blow to the pharma industry.
The NITI Aayog has recommended an amendment to the Drug Price Control Order (DPCO) 2013, suggesting that prices of non-scheduled drugs be also be linked to WPI to regulate them like the prices of scheduled drugs. It has also suggested development of a separate index for pharmaceutical products.
1491 companies to report March quarter numbers today
As many as 1491 companies are scheduled to report their results for the quarter ended March later today which include names like Aban Offshore, Alkem Laboratories, Apollo Hospitals, Berger Paints, Canara Bank, EIH, IVRCL, ONGC, SAIL and Suzlon Energy among others.
6 stocks under ban period on NSE
Security in ban period for the next day's trade under the F&O segment includes companies in which the security has crossed 95 percent of the market-wide position limit.
For May 30, 2018 stocks such as Balrampur Chini, DHFL, IDBI, Jet Airways, JP Associates, and Just Dial are present in this list.
With inputs from Reuters & other agencies
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