Stock market today
Stock market today gained again and this has been four days of continuing uptrend and this is a strong pattern shown by the stock markets but from here on they will try to consolidate and there was news that there will be one time hike in diesel prices to fill in the gap for oil subsidy and this kept OMC’s up and WPI inflation came in at 5.79% which was not in line with expectation and there was a Tata motors stock which shot up by 10% and tomorrow being a holiday and only one day left for trading for the week ,we can expect the market to consolidate or be sideways on Fridays trade.
Dollar to rupee
Dollar to rupee has been forming doji for consecutive days but it has been volatile in trade on both days and today again RBI took steps to curb rupee volatility after market closing and steps were remittance by Indians has been cut and companies investing abroad based on their net worth limits have been reduced. But going by rupee history all the steps taken to curb volatility has failed to help rupee strengthening.
Nifty has continued its strong momentum and closed near its resistance level of 5750 and at these levels it will try to consolidate before moving any further and it will try to move around this resistance level of 5750 and next resistance or high point will come at 5800 and that will be tough level to be taken and support comes in at 5620.
Bank Nifty after forming bullish engulfing pattern today has nudged up a little bit more good thing is it has stood above 9850 levels after consolidating in the range of 9650-9850 and next resistance comes in at 10200 and support comes in at 9800.
CNX IT Index is in an league of its own uptrend and there will be only weakness if rupee depreciates a lot
CNX Metal index has formed a small gap and closed at 1850 near the resistance level of 1860 and it is telling that strength in metal index is here to stay and support is at 1680.
CNX Small Cap index has closed near its resistance level at 2750 and above these levels there will be continuing uptrend support is at 2600.
CNX Energy Index has broken the level of 7700 and closed at 7737 and this being the least gained index in the current uptrend and there is still steam left for it to go up and close below 7550 weakness will set in.
CNX Mid-cap is showing strength as it has been moving up daily and now it will try to consolidate at these levels next resistance will come at 7000 and support is at 6700.