NIFTY FUTURE TIPS | AFTER BUDGET CELEBRATION:-
Indian equities are poised to open on a cautious note on
Thursday tracking subdued leads from the Asian markets. Trading of Nifty 50
index futures on the Singapore Stock exchange indicates that the Nifty could
fall 33 points at the opening bell.
On the daily chart, Nifty 50 formed a strong long range bullish candle, market
participants on the upside will keenly watch the level of 8740-8750 as its 78.6
per cent retracement level of major downswing from the highs of 8968.70 to low
of 7893.80 and its likely to act as a resistance zone. On the downside, the
zone of 8670-8650 is likely to offer support for the Nifty. The underlying
trend remains positive and buy on dips would be an appropriate strategy in
today’s trading session.
The stocks of Glenmark Pharmaceuticals, Timken India,
Godfrey Philips, HCC, AstraZeneca, Dr Lal Pathlabs, Marico and Godrej
Properties will be in focus as they will report their Q3 earnings.
Back home, Indian equities staged a scintillating rally after the presentation
of FY-18 budget. The rally was the biggest in the history of last twelve
years. As Finance Minister Arun Jaitely concluded the Budget speech,
market realised that no major changes were proposed in the capital market tax
reform as was feared by the market participants. Nifty rallied from the day’s
low level to close above 8700-mark.
Overseas, Asian equities were trading on cautious note on Thursday, Japan’s
Nikkei 225 was down 0.34 per cent, Hong Kong’s Hang Seng was down 0.33 per cent.
Chinese markets remain closed for the final day of Lunar New Year holidays that
started last Friday.
The US stocks closed up modestly after the Federal Reserve maintained status
quo and offered a positive view of the economy, while shares of Apple rallied a
day after the Iphone maker reported strong earnings.
Back home, Indian equities staged a scintillating rally after the presentation of FY-18 budget. The rally was the biggest in the history of last twelve years. As Finance Minister Arun Jaitely concluded the Budget speech, market realised that no major changes were proposed in the capital market tax reform as was feared by the market participants. Nifty rallied from the day’s low level to close above 8700-mark.
Overseas, Asian equities were trading on cautious note on Thursday, Japan’s Nikkei 225 was down 0.34 per cent, Hong Kong’s Hang Seng was down 0.33 per cent. Chinese markets remain closed for the final day of Lunar New Year holidays that started last Friday.
The US stocks closed up modestly after the Federal Reserve maintained status quo and offered a positive view of the economy, while shares of Apple rallied a day after the Iphone maker reported strong earnings.
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