In the next trading session it becomes critical for Nifty to sustain above 10,925 levels. "Failure to do so shall trigger fresh bout of selling with targets close to 10,760 kind of levels.
Unfortunately, it is buried way deep inside Earth's mantle.
Overseas, the US dollar rose across the board in early Asian trade, climbing to a six-month high against the yen, after Federal Reserve Chairman Jerome Powell gave an upbeat outlook for the US economy and reinforced views that the Fed was on track to steadily hike interest rates.
During the recent fall in the equity market, the fund house reduced exposure to mid-cap stocks in its Multicap Fund, but is now looking at selectively buying some of these stocks
Spot gold was largely unchanged at $1,227.78 an ounce at 0315 GMT. On Tuesday, it fell 1 percent and hit its lowest since last July at $1,225.58 an ounce.
Brent futures were down 31 cents, or 0.4 percent, at $71.85 a barrel by 0240 GMT. They rose 32 cents to $72.16 a barrel on Tuesday, after earlier touching a three-month low.
Today, USD-INR pair is expected to quote in the range of 68.30 and 68.80, says Motilal Oswal.
Immediate support for the Nifty is seen around 10,800 and 10,600 levels, whereas 11,200 will act as stiff resistance, says Abhishek Mondal of Guiness Securities.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 37 points or 0.34 percent. Nifty futures were trading around 11,062-level on the Singaporean Exchange.
The yellow metal stayed weak even after reports of U.S sanctions on Iran, which is expected to hit oil supply and raise inflation.
UltraTech Cement | Bandhan Bank | Mindtree | NIIT Technologies | HDFC | IDBI Bank | Punjab National Bank | Indian Overseas Bank | Andhra Bank | Corporation Bank | Allahabad Bank | Zee Entertainment Enterprises | Sintex Industries | 5paisa Capital | HDFC Bank | Tejas Networks | Kridhan Infra | PNC Infratech and Vibrant Global Capital are stocks, which are in news today.
A list of important headlines from across news agencies that could help in your trade today.
According to Pivot charts, the key support level for Nifty is placed at 10,949.57, followed by 10,891.13.
Traders are advised to create fresh long positions with a stop loss below 10,925 on closing basis and look for bigger targets around 11,171.
The new notes will be printed using indigenous ink.
The Sensex closed higher by 196.19 points, or 0.54, to 36519.96, while the Nifty rose 71.10 points, or 0.65%, to 11008.00
Watch Manisha Gupta decode the happenings in the commodities markets.
Oil prices have declined sharply the past week as the Sino-US trade war intensifies and were hovering below $72 per barrel on Tuesday, not far from their lowest since mid-April.
275 stocks have hit fresh 52-week low including Aban Offshore, ACC, Ambuja Cements, Andhra Bank, Bank of India, DEN Networks, Federal Bank, GIC Housing Finance, HCC, India Cements, Kwality, NBCC, NMDC, PC Jeweller, PTC India and REC among others.
“The Nifty has to sustain above 11,020 levels, to extend the rally towards 11,395. A breach of 10,900 on a closing basis would be sign of a bearish trend reversal,” says Vinay Rajani of HDFC Securities
255 stocks have hit fresh 52-week low including Aban Offshore, ACC, Ambuja Cements, Andhra Bank, Bank of India, DEN Networks, Federal Bank, GIC Housing Finance, HCC, India Cements, Kwality, NBCC, NMDC, PC Jeweller, PTC India and REC among others.
The dollar index was steady against major peers on Tuesday, as investors awaited Federal Reserve Chairman Jerome Powell's first congressional testimony for any clues on the pace of US interest rate rises.
Ajay Srivastava of Dimensions Corporate Financial Services said one should keep investing in bigger pharma companies as they will offer better returns going forward
The breadth of the market favoured advances, with 894 stocks advancing, 684 declining and 472 remaining unchanged. On BSE, 977 stocks advanced, 712 declined and 81 remained unchanged.
Brent crude futures had climbed 28 cents, or 0.4 percent, to $72.12 a barrel by 0331 GMT. They fell 4.6 percent on Monday, at one point touching their lowest since mid-April.