Since hitting a 52-week high in March 2021, the stock entered a consolidation phase. However, technical charts suggest that the stock is now ready to resume the second leg of the rally.
The Nifty is in a decline mode but it is a sideways-to-negative correction. For the last couple of weeks, it has found support on multiple occasions at around 14,250-14,150 and managed to hold above the critical support zone.
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The Nifty option distribution data is suggesting support at 10,000 and resistance at 10,500 followed by at 11,000. India VIX continues to find support around 29-28 levels after closing at 28.11 for the day.
A move below 10,270 levels will take the Nifty50 towards 10,000-9,900 levels where the support zone is seen.
The Nifty options distribution data is suggesting a range of 9300 and 8800. India VIX is at 35.8 and is currently consolidating at lower levels.
In the medium term, HUL should farewell as it will be a key beneficiary of the rural demand recovery and one of the least impacted companies from COVID-19 led disruptions.
Bearish Wedge pattern would be negated once the Nifty50 starts to trade above 9,600 levels on a sustainable basis. In that case, the Nifty can rally towards 9830 and 9970 levels on the upside.
The economy will require a massive fiscal stimulus post a 45-days lockdown period as we might be staring at a very gloomy scenario, says Hemang Kapasi.
On the downside, the short-term rising support trendline comes around at 8,550-8,600. A break below this is likely to see the NIfty decline towards 8,000 levels.
Markets are headed higher in Samvat 2076. In the short-term it could be a roller-coaster ride but over longer periods of time, equities remain the highest yield asset class, says Sunil Sharma.
If the Nifty slips below 10,746, the next support is placed at 10,636. A break below 10,636 will signal a continuation of the decline and may take the index towards 10,450 levels.
The Nifty has resistance zone around 11,150-11,200 where recent highs, 200-DMA and 38.2% Fibonacci retracement of the fall 12,103-10,637 are seen.
Confirmation of the breakdown will come once the index starts to trade below 10,782. A break below 10,782 would take the Nifty towards the next support which is placed at 10,580 levels
Trends on SGX Nifty indicate a positive opening for the broader index in India, a with 0.37 percent gain or 40 points. Nifty futures were trading around 10,937-level on the Singaporean Exchange.
The market has good support at 11,340-11,300 levels. But, the index needs to clear immediate resistance of 11,400-11,420 for the bounce back.
Nifty needs strong momentum to rally towards 12,300-12,380. On the downside, June 7 low of 11,769 remains as important support
Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, a rise of 4 points or 0.03 percent. Nifty futures were trading around 11,853-level on the Singaporean Exchange.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 24 points or 0.21 percent. Nifty futures were trading around 11,500-level on the Singaporean Exchange.
11,000 needs to be crossed on a sustainable basis for the market to move higher towards 11,090 and 11,170. On the downside, the immediate support is placed at 10,813, which is two-session low
On the upside, the index has resistance zone in the region of 10840-10870 levels. But, crossing above 11000 levels on a sustainable basis will confirm the uptrend.
The benchmark index of Sanctum Global Allocator will be 75 percent MSCI Development and 25 percent MSCI Emerging Markets.
Ashish Chaturmohta of Sanctum Wealth Management recommends buying TVS Motor, Arvind and Aurobindo Pharma.