The index has formed a Hanging Man pattern on the daily chart, indicating a possible pause in the current rally. On the other hand, the index closed above the 100-EMA on the daily chart, which suggests continued positivity. Additionally, the RSI has just entered a positive crossover.
Summing it up, although the sentiment appears positive, a hint of fatigue is visible in the index following the steep rally over the past few days. Therefore, the possibility of a minor pullback on the downside cannot be ruled out.
Support is placed at 23,300; a decisive break below this level could trigger a correction towards 23,000. Resistance is placed at 23,370 and 23,650.
The presence of positive global triggers, such as the relaxation in tariffs, allowed the Index to start the truncated week on a strong note. However, it then oscillated within a narrow range before closing higher, ending the trade at 23,328.55 with notable gains of 500 points.
All sectors concluded in the green, with Realty and Auto standing out as the top performers. Mid and Smallcaps outperformed the Benchmark Index, registering gains of over 2.90%.
If the Index continues its upward momentum, it may encounter resistance in the 23,440-23,500 range, while strong support is expected at 23,050.
The 90-day deadline is likely a political gesture rather than a binding timeline, designed to signal urgency without guaranteeing outcomes. Stakeholders should anticipate extended periods of uncertainty, punctuated by sporadic progress on narrow issues, rather than sweeping solutions, said Puneet Sharma….Read More
The bank has received a report from an external agency identifying discrepancies related to derivative deals. The report has quantified the negative impact of these derivative deals, as of June 2024, at Rs 1,979 crore.
The agency has assessed an adverse impact (on a post-tax basis) of 2.27% on the bank’s net worth as of December 2024 due to these discrepancies.
The bank will appropriately reflect the resultant impact in the financial statements for FY25 and will continue to take suitable steps to strengthen internal controls related to derivative accounting operations.
India’s inflation eased to a 67-month low of 3.34 percent in March compared with 3.61 percent in the previous month, as food inflation declined further, with economists firming up their expectations of a further rate cut in June policy meeting of the Reserve Bank of India, according to data released on April 11.
March marks the second consecutive month that retail inflation remained below the RBI’s target rate of 4 percent. The reading comes a week after the central bank delivered its second consecutive rate cut of 25 bps. The policy rate now stands at 6 percent compared with 6.5 percent at the start of the year.
The economy ended the year with 4.6 percent in inflation in FY25 compared with 5.4 percent in FY24.
Sanofi Conusmer has received an open offer for acquisition of up to 59,87,962 fully paid up equity shares of face value of Rs 10 each, representing 26% of Sanofi Consumer Healthcare India from the public shareholders by Opal Bidco SAS together with Clayton, Dubilier & Rice Fund XII, L.P.
The strong breakaway gaps indicated healthy trend ahead, hence, the Nifty 50 is likely to clear 200-day EMA (23,360) on closing basis soon and march toward 23,650, the next resistance, followed by 23,900 being crucial hurdle….Read More
The dollar clung to a small bounce on Wednesday, as investors took a breather from weeks of fairly fierce selling and markets stabilised to wait for progress on U.S. trade talks.
The local dollar, firm at C$1.3948 per greenback and up 4% in April is one of starkest examples of how heavily investors have punished the dollar as trade policy has rattled confidence.
The euro, which reached three-year highs last week, has eased from a peak of $1.1474 to trade at $1.1311 in the Asia morning. It is up more than 4.5% this month and was overdue a pullback and there has also been little sign of substantive progress toward any deal to avoid heavy U.S. tariffs.
Sterling, however, stood out and notched a six-month high at $1.3254. Britain had been spared the most punitive U.S. levies and overnight U.S. Vice President JD Vance said there was a good chance a trade deal could be struck.
Oil prices were flat early on Wednesday, as shifting U.S. trade policies fuelled uncertainty while markets assessed the potential impact of the U.S.-China trade war on economic growth and energy demand.
Brent crude futures rose 5 cents, or 0.1%, to $64.72 per barrel, while U.S. West Texas Intermediate crude was up 3 cents, or 0.1%, to $61.36. Both benchmarks fell 0.3% on Tuesday.
Asian stocks edged lower and US equity-index futures slid as trade conflicts showed no signs of abating, with Nvidia Corp. saying the US put new restrictions on some chip exports to China.