Opening bell: Sensex, Nifty jump on US-China trade hopes
Despite some initial hiccups during the Thursday session, Nifty managed to close above 10880. In fact it has closed above 10900 which indicate that the triangle breakout is still intact and Nifty has a potential to sneak above 11000 mark.
On account of positive global sentiments coming in from the US-China trade talks, the BSE Sensex rise by 50 points to 36,423 mark while the 50-strip Nifty went up by 0.11 per cent to 10,916 levels. Stocks from Metal, IT, oil, energy and gas sedtos were the top gaines in early trading session on Friday.
Shares of Vakrangee, Cromptom Greaves, GIC Housing Finance and Sundaram Clayton were the top gaines in early morning session's trade while Sun Pharma, Cyient and RAllis India were the top losing stocks of Friday intraday trade.Vakrangee shares were up by around 5 per cent, GIC Housing Finance shot up by around 2.5 pre cent. Among realty majors Mahindra Lifespace Developers stock went up by around 1.77 per cent, Oberoi Realty shares went 0.6 per cent higher while shares of Sobha Developers extended its rally from the previous trading sessions by logging 0.4 per cent gains.In IT sector stocks, Hinduja Global Solutions was up by around 2.4 per cent, HCL Infosystem was up by around 1.4 per cent, L&T Technology Services also went up by round 2.56 per cent.Among oil and gas majors Reliance Industries shares registered robust 1.18 per cent gains from its previous close while ONGC stock went northward by around 0.7 per cent.
Mehul Kothari, Senior Technical Analyst, IndiaNivesh Securities told in a written statement, "Despite some initial hiccups during the Thursday session, Nifty managed to close above 10880. In fact it has closed above 10900 which indicate that the triangle breakout is still intact and Nifty has a potential to sneak above 11000 mark. At the same time, we also maintain our stance that 11200 still remains a very strong hurdle for the bulls. Thus we would advise traders to start booking profits once index arrives near that zone. As of now, the support of 10620 has now been shifted to 10690." He said that only a move below the same might dwell the ongoing momentum. For the coming sessions 10930 and 1010840 would remain an intermediate resistance & support respectively for the markets. Currently we advise traders to trade with positive bias but avoid any overleveraged positions.
Asian Indices also rise on Sino-US trade hopes. Japan's Nikkei rose by 1.28 per cent, Shanghai index went northward by around 0.8 per cent, Korean index Kospi shot up by around 0.6 per cent today.
At US markets, Dow Jones went 162 points up or 0.67 per cent to 24,370 while Nasdaq went north by around 49 points or 0.71 per cent to 7,084 levels.
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