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Domestic markets staged a strong recovery on Wednesday following the previous session’s profit booking, with the Nifty gaining to close at 24,021. Indian equities are expected to regain their positive momentum, supported by renewed buying interest and lower energy prices. Brent crude is at $76/bbl remaining near four-month, as vessel movement through the Strait of Hormuz is witnessing steady improvement.
STATE OF THE MARKETS
- Tech View: On the daily timeframe, the Nifty has formed a Piercing Line candlestick pattern near the 20EMA support zone, signalling the possibility of a strong rally in the short term. On the higher end, resistance is seen at 24,500 and 24,800. On the lower end, 23,800 is likely to continue acting as a crucial support level.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 9% to settle at 13.94 levels.
Stocks in F&O ban today
1) NILSecurities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
Rupee
The rupee appreciated by 21 paise to settle at 94.55 against the US dollar on Wednesday on the back of a steep fall in global crude oil prices. Brent crude, the global oil benchmark, was trading lower by 2.05 per cent at $75.50 per barrel in futures trade.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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