11,650 and 11,800

Likely to be strong resistance for Nifty50 for the next couple of sessions

  • Trends on SGX Nifty indicate a dull opening for the Nifty50 in India with a 44 points loss. The Nifty futures were trading at 11,470 on the Singaporean Exchange at 09:00 IST

INDIA MARKETS

  • Nifty50 fell for the second straight session on Friday and barely held above the 11,500 level
  • The index formed a Bearish Belt Hold on the daily chart and an indecisive Doji like candle on the weekly chart
  • Such formations after Nifty50 retraced 62% of the fall from the highs of 11,794 – 11,185 hint that the recent rally is losing steam
  • Going forward Nifty50 needs to confirm the Double Top breakout above the 11,430 level with 11,440 – 11,620 likely to be the range over the next couple of sessions
  • Unless the resistance of 11,600 is broken on close basis, we could see a broader range movement of ups and downs in the market
  • The initial support of the 20-day EMA is placed at 11,430 and a move below this can drag the Nifty to 11,200 – 11,180 in the near term
  • The Relative Strength Index or RSI, on the daily chart stood at 56.13; it remains neutral and does not show any divergence against price
  • The daily MACD remains bearish and trades below the signal line
  • India VIX moved down 0.27% from 20.10 to 20.05 level
  • India 10 Year bond yield fell 0.31% to 6.01 after trading in 5.99 – 6.02 range
  • The overnight call money rate weighted average stood at 3.43% according to RBI data. It moved in a range of 1.80 – 4.05%
  • Pharma sector to remain a market favourite due to earnings visibility

US MARKETS

  • The Dow Jones Industrial Average posted a slight week-to-date loss dropping 244 points or 0.88% to close at 27,657.4 on Friday trade
  • The S&P 500 lost 37 points or 1.12% to close at 3319.5
  • Nasdaq dropped 117 points or 1.07% to close at 10793.3
  • Russel 1000 Index Growth shed 18 points or 1.00% to close at 1,847.9
  • Today in derivatives market, Dow Jones and S&P 500 futures are trading in red while Nasdaq 100 futures opening flat at 10,927

ASIAN MARKETS

  • Asian shares held to tight ranges on Monday, as did currencies, as investors awaited developments on US fiscal stimulus and coronavirus vaccines amid a resurgence of infections in Europe
  • In Japan, the financial markets were shut on Monday for a public holiday
  • South Korea’s Kospi dropped 06 points or 0.21% trading at 2,405
  • Hong Kong’s Hang Seng Index is trading at 24,223 after falling 232 points or 0.95%
  • In China, Shanghai Composite dipped 14 points or 0.41% 0.20% trading at 3324
  • Meanwhile, Australia’s S&P/ASX 200 lost 31 points or 0.52% trading at 5,833
  • Overall, MSCI’s broadest index of Asia-Pacific shares outside Japan, was a shade weaker

EU MARKETS

  • The pan-European Stoxx 600 provisionally ended 0.5% lower by the closing bell
  • Stoxx 50 saw bearish belt-hold pattern on a sideways market, settling at 3283, 0.99% down

OIL & NATURAL GAS MARKETS

  • Brent crude is trading up 0.28% at $43.18 a barrel, rise from close of $42.97 on Friday
  • U.S. WTI crude gained 0.59% in today’s trading day, at $41.12 a barrel
  • Natural Gas CFDs have fallen 7% to 2.617 from Sep 4 high of 2.814
  • India Crude oil was up 0.03% and may trade sideways with a bullish bias with support near 2870 and resistance near 3,140
  • Natural gas was down 3.58% and may extend the bearish move towards support at 142 and resistance near 154

GOLD MARKETS

  • Gold prices rose as the US Dollar slipped amidst a lackluster US employment data
  • US Gold Futures settled up 0.6% at $1,962.10 on Friday trade
  • Spot gold climbed 0.4 per cent to $1,951.13 per ounce
  • India Spot Gold is trading at 51,619 per 10 grams (as on Sep 18)
  • India Gold Futures is trading at 51,610 per 10 grams as on today

INDIA – BASE METAL BLOCK

  • All counters were up with zinc rising the most at 0.79%
  • Copper can move towards 534 and take support near 527
  • Zinc may move towards 198 and take support near 193
  • Lead can move towards 150 while taking support near 145
  • Nickel trade bullish bias where it may take support near 1,089 and resistance near 1,125
  • Aluminum may move towards 146 while taking support near 143

INDIA – NCDEX Agridex

  • Agricultural futures index tracking the performance of the 10 liquid commodities, was up 0.42% or 4.80 points at 1,140 ; led by gains in refined soya oil and soya bean

US DOLLAR

  • US dollar strengthened, with currency index rising 0.10% on Friday against its G-10 peers, from 92.885 to 92.994
  • Euro/USD levels rising on early morning trade on Monday, trading at 1.1865, with Euro strengthening
  • The Japanese yen strengthened by 0.24% on Monday trade versus the greenback at 104.29 per dollar
  • Sterling was last trading at $1.2957, up 0.31% on the day, with sterling strengthening
  • USD/INR opened at 73.60 and closed 07 cents lower on Friday, settling below the 75-per USD mark at 73.53
  • CNH, the offshore yuan, stands at 6.7730 to the USD, down 0.28% with dollar weakening to CNH

US TREASURY

  • Yields on the benchmark 10-year Treasury note is trading at 0.699%, up from Friday’s open at 0.691%
  • The 30-year bond yield is trading at 1.455%, up from Friday’s open at 1.440%

FUND FLOWS on 18.09.2020 (source NSE)

  • FII Net Buy Rs 205.15 Cr in Cash Market
  • DII Net Sell Rs 100.83 Cr in Cash Market
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