Below the Quote on Gold by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
"Gold prices remained volatile, trading between $2,380 and $2,396 in Comex, with some support due to the depreciation of the Yen against the dollar, moving from 144.50 to 147.50. Gold participants will be closely watching the weekly jobless claims data set to be released tomorrow, August 8, 2024, for a data-specific approach. The gold price range in MCX is anticipated to b...
Quote on Gold by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
Below the Quote on Gold by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
"Gold prices exhibited volatility within a range of Rs.68,900 to Rs.69,450, with significant resistance at Rs.69,500 and immediate support around Rs.68,800. The global markets are experiencing heightened volatility, affecting commodities as currency fluctuations remain high. The next significant trigger for gold will be the upcoming inflation data, which is expected to pro...
Quote on Gold by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
Below the Quote on Rupee from Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
"Gold prices opened strong in Comex, starting near $2,440 and rallying to $2,455, which pushed MCX Gold to Rs 70,500. However, panic triggered by the Japanese Yen and the Bank of Japan has contributed to a sell-off in gold. With US interest rates still elevated, gold has encountered resistance on recent rises, particularly around Rs 70,500. A potential preemptive U...
Quote on Rupee from Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
Below the Quote on Gold by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
"Gold prices surged by over ?600, reaching ?70,555, with Comex gold supporting the buying trend at $2,460, up by more than $17. The rise is driven by renewed fears of a US recession following higher jobless claims and escalating tensions in the Middle East, fueling safe-haven buying. Investors are now focused on the upcoming Nonfarm Payrolls and unemployment data, whi...
Quote on Gold by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
The Nifty maintained its strength by staying above 22,500 throughout Monday, exceeding the previous all-time high of 22,619, said Rupak De, Senior Technical Analyst, LKP Securities.
"However, the index has reached near the upper band of the rising wedge, which might act as resistance in the short term. The index might consolidate within a range over the short term. On the lower end, support is placed at 22,500, below which the index might fall back into consolidation," De said.
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Auto, real-estate stocks lead broad-based rally in markets
The Nifty has been consolidating in a narrow range at higher levels for the last few sessions, while the broader markets have bounced back strongly, especially after a sharp recent correction, Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, said on Thursday.
While the Nifty closed 80 points, or 0.36 per cent, up at 22,514.65 on Thursday, the Sensex ended 350.81 points, or 0.47 percent, higher at 74,227.63, their best close ever.
Sector-wise, it was a mixe...
Broader markets bounce back after sharp correction
The domestic market experienced range-bound movement on Tuesday post hitting new record high the preceding day, influenced by cautious trend in global peers ahead of the US Fed Chair's congressional testimony and key US jobs data, said Vinod Nair, Head of Research at Geojit Financial Services.
Nifty 50 closed the day with a loss of 49 points, or 0.22 per cent, at 22,356.30, while the Sensex ended at 73,677.13, down 195 points, or 0.26 per cent.
The absence of significant stimulus me...
Domestic market remains range-bound
The Nifty commenced the week with a consolidated move on Monday, resulting in the formation of a Doji candle on the daily chart.
Despite this, the overall sentiment remained bullish, said Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities.
The Nifty closed at 22,405.60 on Monday, up 27 points, or 0.12 per cent, while the Sensex settled at 73,872.29, up 66 points, or 0.09 per cent.
A decisive break above 22,440 for Nifty is anticipated to intensify the momentum, tar...
Nifty`s momentum remains bullish, say analysts