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Published on 19-04-2024 09:58 am

BANK NIFTY

* Banking index witnessed wild swings after an initial uptick, however, selling intensified as the day progressed losing over 400 points.

* Private banking majors faced the heat while mixed trend was seen in PSU Banking stocks.

* Banking index has slipped below its short term moving average of 20 and 50 EMA, forming a bearish candle.

* The current price structure is not favoring bulls and there might be some pain in near term. Thus, one should wait for more clarity.

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Published on 19-04-2024 09:58 am

NIFTY

* Nifty swung sharply on both sides and finally shed nearly half a percent.

* Majority of sectors traded in sync with the move wherein FMCG, Banking and Financials were among the top losers.

* Nifty has tested the lower band of the rising channel around 21,960 today. Its break would prompt a further fall to the 21,750-21,600 zone.

* Meanwhile, volatility across sectors is further adding to the traders’ worries. We thus suggest limiting positions and waiting for clarity.

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Published on 19-04-2024 09:34 am

Currency The resurgent dollar headed towards a second straight week of gains on Friday as a hotter-than-expected U.S. economy has pushed back investors' and policymakers' expectations of the trajectory of Federal Reserve rate cuts this year.

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Published on 19-04-2024 09:33 am

Commodities Gold prices rose on Friday, on track for their fifth weekly gain, with investors gravitating towards safe-haven assets as political uncertainty in the Middle East overshadowed pressures from the prospect of higher-for-longer U.S. interest rates. Oil prices jumped on Friday in reaction to unconfirmed reports that explosions had occurred in Iran, sparking concerns that Middle East oil supply could be disrupted.

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Published on 19-04-2024 09:32 am

Global Economy: Japan's core inflation slowed in March and an index gauging broader price trends fell below 3% for the first time in over a year, data showed on Friday, as analysts say yen weakness could complicate the central bank's policy deliberations. The nationwide core consumer price index (CPI), which excludes fresh food items but includes energy items, rose 2.6% in March from a year earlier, matching median market forecasts. It decelerated from a 2.8% rise in February due to a slowdown in food price increases but stayed comfortably above the central bank's 2% target. While consumer inflation is expected to slow, the BOJ's focus is on whether service prices accompanied by higher wage growth will pick up from here. Federal Reserve policymakers have coalesced around the idea of keeping borrowing costs where they are until perhaps well into the year, given slow and bumpy progress on inflation, and a stillstrong U.S. economy. On Thursday New York Fed President John Williams became the latest U.S. rate-setter to embrace the "no rush" on rate cuts view articulated in February by Fed Governor Christopher Waller and since echoed by many of his colleagues. Strong growth in jobs, a third-month-in-a-row upside surprise on inflation in March, and robust retail spending among other recent economic indicators have convinced more central bankers that rate cuts ought to wait.

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