BSE Sensex and Nifty 50 Monday were trading in their positive territory after a positive shift in the global market. Where Nifty crossed the 14,900 marks, Sensex ruled over and around 49,500, as updated by the Financial Express.
Sensex hovered by 300 points or 0.6 per cent higher. Nifty 50 Index broadened above the benchmark at 9:19 IST today.
Sensex and Nifty trade above the estimates today
The Sensex top gainers for today as per recent development are ONGC, Housing Developemt Finance Corporation, Titan Company, Sun Pharma, Kotak Mahindra Bank. Meanwhile, BSE Sensex laggards remained UltraTech Cement, Infosys and Maruti Suzuki.
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal said, The markets are trading well above the resistance of 14700. If we maintain this today, we can scale up higher to 15200-15250.
Since we have been able to cross 14700, this level has now become a good support for the Nifty.
As long as this holds, we can use any dip or intraday correction to buy into the markets for higher targets. If 14700 breaks on a closing basis, the index could slip to 14400. The Stock market indices gained at least 1 per cent as per the counts of last week.
However, both the domestic equity indices are expected to step up for the upcoming week as well. Future Nifty on the Singapore Exchange is expected to be more than 100 points. This also comes as a good start for domestic equities.
According to the Managing Director at CR Forex Advisors, Amit Pabari, Indian Rupee might trade in the bracket of 73.20- 73.60.
This comes into consideration after the softer US job report” erased the haven demand that uplifts dollar weakness. But the imposition of state-wise lockdown is creating more pessimistic biases.
In April, FPIs constituted to be net sellers after being net buyers in the Indian market for a continuous span of six months.
Amidst the weakening situation, the FPIs managed to pull around Rs 5,936 crore in the first week of May itself. Depositor’s data confirmed of crediting money in the preceding six months made the Foreign investors secure Rs 9,659 crore in April.