Buoyancy in Asian markets and a fall in daily Covid cases in India are likely to give domestic stocks a gap-up start on Tuesday. That said, technical charts suggest major resistance for Nifty50 in the 15,000-15,100 range, and a decisive breakout of the range would be a prerequisite for any gains to sustain.
STATE OF THE MARKETS SGX Nifty signals a positive startNifty futures on the Singapore Exchange traded 151 points, or 1.01 per cent, higher at 15,097, signaling that Dalal Street was headed for a positive start on Tuesday.
- Tech View: Nifty on Monday breached 50- and 5-DMAs and came closer to key resistance in 15,000-15,050 zone.
- India VIX: The fear gauge fell 3.27% from 20.26 to 19.60 level, the lowest level in 2021, as it recorded the lowest close of last 87 sessions since Jan 1, 2021.
Asian markets rise in early tradeAsian stocks opened firmer this morning as investors weighed a pickup in virus cases in the region against the pace of economic growth as economies reopen. Equity benchmarks climbed in Japan, Australia and South Korea.
- Japan's Nikkei up 2.24%
- Hang Seng gains over 1.5%
- Seoul’s Kospi up 1.14%
- Australia's ASX 200 inched up 0.79&
- China's Shanghai Composite down 0.15%
US stocks settled lowerWall Street ended lower on Monday, weighed down by tech shares as signs of growing inflation worried investors about the potential for tighter monetary policy.
- Dow fell 0.16% to 34,327.79.
- S&P500 lost 0.25% to 4,163.29
- Nasdaq dropped 0.38% to 13,379.05.
Dollar slips to multi-month lowThe dollar teetered near multi-month lows against European currencies this morning. On Monday, the rupee rose for the second straight session on Monday to close 7 paise higher at 73.22 against the US dollar on the back of positive domestic equities and weak American currency.
- Dollar traded at $1.2157 against the euro, weakest since Feb. 26,
- British pound bought $1.4151, near its strongest since late Feb
- The yen traded at 109.24 to the dollar
- The yuan traded at 6.4416 to the greenback
Q4 earnings today Tata Motors, Torrent Pharmaceuticals, PI Industries...