Sensex jumps over 200 points, Nifty trades above 10,800; TCS slips ahead of Q1
For the last few weeks the US-China trade tiff kept markets in check. However, investors are now shifting their focus to corporate earnings starting with India’s biggest software services exporter Tata Consultancy services (TCS) reporting quarterly results on Tuesday.
Technically, on the weekly charts, Nifty made an inside bar pattern which suggests consolidation and buying on dips. Nifty supports are at 10730 and 10660 while resistance at 10835 and 10930. The probable trading range for the week could be 10650 to 10930 zone.
10,800 and 26,500 are going to be a deciding level on Nifty and BankNifty respectively.
Small trade range on Nifty stands between 10,725-10,800 while the bigger range lies at 10,700-10,850.
In case of BankNifty, the small trade range lies at 26,400-26,600 and the bigger range will be 26,300-26,750.
Tata Steel (Buy)
Target: Rs 562
Stoploss: Rs 549
- Sales rose 8% in Q1 (YoY)
- The company's production gained 7.8% in Q1 (YoY)
Asian share markets rallied on Monday as favourable U.S. jobs data whetted risk appetites, while sterling slipped after two members of the British government resigned over Brexit and put the future of Prime Minister Theresa May in doubt. The pound peeled off around a third of a U.S. cent to $1.3290 as news broke British Brexit Secretary David Davis and Brexit Minister Steven Baker had resigned. The loss came just two days after a meeting at May`s Chequers country residence supposedly sealed a cabinet deal on Brexit and underlines the deep divisions in her ruling Conservative Party over the departure from the EU.
Markets on Friday
The Sensex and Nifty ended higher on Friday, posting their sixth weekly gain in seven, while sentiment across the globe improved as investors calmly absorbed the imposition of tariffs by the United States and China. The Sensex ended at 35,657, up 83.31 points, while the broader Nifty50 settled at 10,772, up 22.90 points.
"Nifty settled marginally higher amid volatility, reflecting prevailing cautiousness among the participants. It retested hurdle around 10800 twice but couldn't sustain in the end however buying in select index majors and recovery in broader market eased some pressure," said Jayant Manglik, President, Religare Broking.