Market outlook today: Arun Kumar S, Market Strategist, Reliance Securities Ltd.
EQUITIES
• NIFTY(10471) price setup along with continued buy triggers on near-term oscillators favours incremental rise.
• Key support zone for the index has been shifted to 10400 – 10360 – 10270, while it could face headwinds near 10500 – 10550 – 10650.
• BANKNIFTY (22265) surpassed its previous swing highs along with it’s existing positive measures. This index has scope to move up more.
• The supports for this index falls around 21960 – 21800 – 21300. The near-term resistance zone close to 22420 – 22650 – 23130.
• The market breadth remained positive for the 5th trading day in a row on the NSE cash segment.
• The Speculative / leveraged positions are relatively low and could support incremental rally.
• Both FIIs & DIIs were net buyers on the equity cash segment.
CURRENCY
• Dollar Index (96.576) could fall more towards 95.96 – 95.716.
• USDINR (75.6450) cracked it’s intermediate support of 75.89 and could extend its appreciation to 75.45 – 75.25.
BONDS
• US Govt. 10 yr yields (0.7184) yields to consolidate more on near-term.
• Govt of India 10 yr yields (5.904) yields close above 5.90 and may move to 5.95.
COMMODITIES
• Crude futures – bullish momentum wanes, a minor correction possible.
