Published on 9/04/2020 5:18:26 PM
Cloing Bell
Bulls Make Comeback on Dalal Street; Nifty Reclaims 9100 Mark
Thursday turned out to be a fabulous day of trade for Indian equity benchmarks with frontline gauges recapturing their crucial 9,100 (Nifty) and 31,150 (Sensex) levels, tracking a rise in the global markets on hopes the coronavirus pandemic is nearing a peak and that governments would roll out more stimulus measures. Key indices commenced the session with a gap-up opening as traders took encouragement with a private report stating that a second stimulus package India is poised to announce in coming days will be worth around Rs 1 lakh crore ($13 billion) and focus on help for small and medium businesses weathering the coronavirus outbreak. The mood remained upbeat as the Ministry of Corporate Affairs issued a slew of measures to facilitate the functioning of companies as they grapple with the ongoing nationwide lockdown due to the coronavirus pandemic.
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Published on 9/04/2020 2:08:04 PM
German Economy Minister Peter Altmaier said he expected European Union finance ministers meeting later on Thursday to make progress towards agreeing a 500 billion euro ($543.20 billion) coronavirus economic rescue package.
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Published on 9/04/2020 1:57:33 PM
Nifty towards the next upside targets of around 9800-10,000 levels - HDFC Securities
Indian markets could open higher today following Asian markets that are up following US indices that ended higher on Wednesday as investors hoped for more Fed action.
U.S. stock markets jumped on Wednesday on hopeful signs about the coronavirus outbreak in the United States was close to a peak, with health insurers getting an additional lift from Bernie Sanders’ decision to suspend his presidential campaign. Sanders’ candidacy has kept investors on edge over the past few months over concerns that his hostility to corporations and plans for universal health coverage could lead to increased regulatory costs and lower earnings growth.
The Federal Reserve on Wednesday released the minutes from last month’s two emergency meetings. These showed officials grew increasingly concerned by the swiftness with which the pandemic was harming the U.S. economy and disrupting financial markets, prompting them to take “forceful action.” The Fed viewed no major economic recovery until next year as a worst-case scenario of the coronavirus outbreak. The Fed also fretted about a lack of future ammunition to combat economic distress.
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Published on 9/04/2020 1:30:12 PM
MARKET UPDATE –
Fed's Kaplan:
-Sees US unemployment rate rising above 10% to 'mid teens' but fall between 7-8% by year end
-US GDP may plunge 25-35% in 2Q, shrink 4-5% on balance this year
ECB President Lagarde:
- Monetary and fiscal policy must be in alignment
- A member of the EU can't avoid the economic fallout of another member that is suffering
Secretary Mnuchin:
- Some direct stimulus payments will be sent out by the end of next week
Fed Minutes:
- All members see the near-term economic outlook being sharply lower than previously
- Virus began to impair consumer confidence and had a worsening impact on household conditions
- Repo lending was expanded to combat deterioration in term funding markets, but did little to improve conditions
- Corporate bond markets trading and liquidity levels were very low, but not at 2008 levels
- Some primary dealers in the Treasury market reported acute declines in market liquidity
Fed's Evans:
- Economic downturn will be deep
- Depending on virus, could see recovery in second half
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Published on 9/04/2020 12:23:39 PM
Technical outlook
Nifty weekly chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up in sideways momentum inside the channel. The market is expected to continue on bullish momentum based on the price action. The trend will continue once breaking above a key resistance holding at 8860. The upside rally could test up to 9300-9800 level. Alternatively, if the open on gap down based on current SGX data, then the market might have a chance to revise the trend to bearish. The downside rally could be testing up to 7900 level. Key support holds at 7900.
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Published on 9/04/2020 12:23:26 PM
NIFTY MORNING OUTLOOK
Pre-Market Thursday! Asian market positive trading, Nifty50 on the SGX were trading higher at 8907.50 +156.95 points on indicating gap up opening for the NSE.
Indian stocks closed lower on Wednesday as investors locked in some recent gains amid fears of an extension of the coronavirus-led lockdown and its impact on business.
Senior officials told Reuters earlier on Wednesday that Indias financial hub Mumbai was set to extend lockdown measures until at least April 30. market see-sawed through the day, with the NSE Nifty 50. NSEI closing 0.49% lower at 8,748.75 and the S&P BSE Sensex. BSESN ending 0.58% lower at 29,893.15.
The breadth, indicating the overall health of the market, 1085 rose and 1046 declined, while 159 ended unchanged on the India National Stock Exchange.
Rupee desk: The USD/INR was up 0.00% to 75.945.
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Published on 9/04/2020 12:17:53 PM
Nifty Bank Outlook - (18946)
The Bank Nifty Index aswell started on a marginal weak note however the ruboff effect of the previous session pushed the bank index higher. At one time the bank index was up more than 6% however selling pressure at higher levels pulled the bank Index lower to erase all the gains and to end with a loss of 0.61% at 18946.
On the daily chart, the bank index witnessed selling pressure after entering the vicinity of 20SMA and formed a small body candle with long upper wick. Going ahead, yesterday’s low around 18400 can be taken as crucial level as below the same the bank index may slip towards 17200 mark. On the flip side, 20000 and 20600 continues to be a stiff hurdle. Traders are advised to keep a tab on the above levels and trade accordingly.
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Published on 9/04/2020 12:17:27 PM
Sensex (29894) / Nifty (8749)
After a stupendous rally on Tuesday, our markets opened lower on the back of sluggish cues from the global bourses. However, after the initial hiccup, index stabilised and then resumed it’s upward trajectory. In fact, at one point, the buying momentum turned into an euphoria. In the process, Nifty not only hastened towards 9000 but also went on to surpass the 9100 mark. However, with DOW futures cooling off from highs, our markets too witnessed a nosedive in the latter half to eventually pare down all gains and ended the day with a half a percent cut.
Barring yesterday’s profit taking from higher levels, last couple of sessions have been excellent for markets across the globe. Some of the beaten down stocks rebounded quite sharply, giving some sigh of relief for trapped traders in the recent past. In our previous article, we had mentioned possibility of extending this pull back rally towards 9000-9050. Although, index surpassed this zone due to euphoric situation; but eventually it acted as a stiff hurdle. With yesterday’s roller coaster move, the daily candle indicates uncertainty and hence, the coming session would be quite crucial for our markets. On the higher side, 9000-9100 remains to be a study wall now and on the flipside, we may see weakness below 8650.
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Published on 9/04/2020 12:13:06 PM
Bank Nifty
* Bank Nifty opened on Red note and traded in volatile session, made an intraday low at 18940 & high at 20316.30 as closed at 18937.15 with aloss of 116 points.
* Moreover Indexhas managed to give closing above 21 &50 HMA which suggest Northward movementin the index.
* A daily momentum indicator RSI has given breakout of inverse H&S pattern which is reversal formation, reading at 36.35 as it bouncing from oversold zone which suggest strength in the index.
* The Daily momentum indicator MACD, MACD line given the breakout above signal line and zero level which suggest an upside movement in the index.
* Based on the above technical structure, we may expecting a sideways to bullish trend as it can test resistance 20500 with the support of 18100.
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Published on 9/04/2020 12:12:50 PM
Nifty
* After seen a relief rally in the previous session the market witnessed a volatility and ended on lower side the Nifty was down 43.45 points or 0.49% at 8748.75.
* Daily momentum indicator RSI has given breakout of 40 level and reading at 43.35 and trading above it which suggest Strength in the index.
* Maximum call open interest (Ol) of 15.42 lakh contracts was seen at the 9,000 strike price. It will act as a crucial resistance level in the April series.
* Maximum put open interest 8,500 strike price, which holds 14.20 lakh contracts in open interest, and 8,700 strike price, which has accumulated 2.6 lakh contracts in open interest.
* Based onthe above technical structure resistance comes at 9155 If index manages to give break out above 9155 level then we can see 9200 & 9600 levels with support of 8600
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