Nifty has been flirting to its 50-DEMA from last 38 trading sessions and got stuck in a broader trading range with crucial hurdle at 10950-10985 zones.
The Nifty is likely to open higher on Monday, following positive trend seen in other Asian markets. The index had closed 80 points higher at 10,859 on Friday.
Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, a rise of 46 points or 0.42 percent. Nifty futures were trading around 10,967-level on the Singaporean Exchange.
The S&P 500 ended marginally lower in a choppy session on Friday, but major indexes posted weekly gains for the first time in December following a wild few days of trading that saw equities rebound from a prolonged slide, said a Reuters report.
Asian stocks crept higher on Monday as hints of progress on the Sino-US trade standoff provided a rare glimmer of optimism in what has been a rough year-end for equities globally, it said.
Technically speaking, the Nifty index witnessed a strong recovery from lower levels in the last truncated week and reclaimed its 10800 levels.
It has been flirting to its 50-DEMA from last 38 trading sessions and got stuck in a broader trading range with crucial hurdle at 10950-10985 zones.
For the momentum to continue, the Nifty has to hold above 10750-10777 zones to extend its move towards crucial hurdle at 10985 and above that, only a fresh leg of the rally could start towards 11K.
The rupee jumped 40 paise on December 28 to finish at an over one-week high of 69.95 against the US currency on strong dollar buying by banks and exporters amid the greenback’s weakness overseas. Domestic stock markets extending gains for the third session also supported the local currency.
Stocks in news:
Mahindra & Mahindra Financial Services said that it has received approval from Registrar of Companies to raise up to Rs 10,000 crore through non-convertible debentures.
Private sector lender ICICI Bank said it has raised Rs 1,140 crore by issuing Basel III-compliant bonds on private placement basis.
State-owned Central Bank of India on December 28 said it will raise about Rs 200 crore by issuing shares to staff under the employee stock purchase scheme.
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