SGX Nifty up 90 points; here's what changed for market while you were sleeping

1 year ago 51

Friday’s rebound in US stock and Asian markets’ reaction to a slew of Chinese economic readings such as April industrial production and retail sales will shape the direction of the domestic market on Monday. Back home, the news of a drop in weekly Covid cases is positive. Markets will also watch the monthly WPI inflation data scheduled for release later in the day.

Here's breaking down the pre-market actions:

STATE OF THE MARKETS

SGX Nifty signals positive startNifty futures on the Singapore Exchange traded 88.5 points, or 0.60 per cent, higher at 14,798.50 signaling that Dalal Street was headed for a positive start on Monday.

Tech View: Nifty may trade in a broad rangeNifty50 on Friday formed a Hammer-like candle on the daily chart and a small bearish candle on the weekly scale. During the session, the NSE barometer broke below the 20-day exponential moving average (EMA), before buying emerged near the 100-day simple moving average (SMA), whose value is placed at 14,576 level. The index is likely to stay in a broad range between 14,400 and 14,890 levels next week, said analysts, who believe the chances of a recovery from here on are good.

Asian markets mixed in early tradeAsian shares edged cautiously higher catching the tailwind from a bounce on Wall Street and ahead of expected upbeat readings on the Chinese economy. MSCI's broadest index of Asia-Pacific shares outside Japan gained 1.17 per cent. Hang Seng jumped over 1 per cent, Australia's ASX 200 gained 0.55 per cent. Shanghai Composite inched up marginally but Seoul's Kospi opened in the red. Japan's Nikkei was down 0.5 per cent.

prices edge lower on demand woes Oil prices edged lower on Monday as the recovery of a major US pipeline network eased concerns over supply and a new wave of Covid-19 restrictions in Asia fuelled fears of lower demand. Brent crude oil futures were down 8 cents, or 0.1 per cent, at $68.63 a barrel, and WTI crude was down 7 cents, or 0.1 per cent, at $65.30.

US stock settled higher on Friday Wall Street equities posted a solid rebound Friday, despite lackluster economic data including disappointing retail sales. The good news on mask requi...

Read Entire Article