Page 40 - Senior Technical News Today

A trend reversal was witnessed in Nifty on Tuesday which ended about 177 points higher to form a bullish inverted Head and Shoulder pattern on the daily chart

On Monday, the MCX December gold futures were trading at Rs 57,476 per 10 gram, up by Rs 605, or 1.06%. Meanwhile, December silver futures were trading at Rs 69,001 per kg, higher by Rs 831 or 1.22%.

The latest Nifty indicators also point to a sluggish start for the Indian benchmark index. Compared to the Nifty futures' previous finish of 19,688,

Only three Sensex stocks traded in the green, while the Nifty-50 saw its 43 stocks closing in the red

The NSE Nifty 50 index closed 0.72% lower at 19,512, while the S&P BSE Sensex fell 0.73% to 65,512. All the 13 major sectoral indices logged losses. High-weightage banks and oil & gas lost over 1% each, while public sector banks shed 3.09%

This week investors will be eyeing key data releases such as Q2 earnings of major IT companies, India's trade balance, Consumer and Wholesale Inflation data, and Industrial Production (IIP).  

US stocks closed sharply higher on Friday with technology shares, as investors assessed Fridays jobs report that showed US hiring rose broadly in September but also that wage growth was slowing.

‘Nifty ended the week with a modest gain despite selling in the banking sector. Overall, the sentiment is expected to stay positive as long as it maintains above the critical support level of 19,500 as put writers are likely to offer support at this level.

For Friday, share market analysts at a few brokerages have assigned Buy calls on Bajaj Finserv, Macrotech Developers (Lodha), Navin Fluorine International and Mahanagar Gas. Check share price targets, analysis, investment rationale and other crucial details about these long-term bets.

The MCX December gold futures were trading at Rs 56,730 per 10 gram, up by Rs 122, or 0.22%. Meanwhile, December Silver futures were trading at Rs 66,999 per kg, higher by Rs 231 or 0.35%.