Tuesday, 2 February 2016

Bank Nifty Technical Overview @ Live Nifty Market Update

Market Update
Nifty opens above 7550 ahead of RBI policy; Sun Pharma up 1% ONGC, GAIL, HDFC, Bajaj Auto and ITC are major losers while Adani Ports, Sun Pharma, Tata Motors, Dr Reddy's Labs and Maruti are gainers in early trade.
Bank Nifty Technical Overview:

Bank Nifty futures opened with flat note and closed with same after witnessing down side movement for the entire day and sustained below 15550 for the entire day and closed below support level of 15400. Tomorrow if it continues to sustain below it then further downside movement can be seen.

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Indian Rupee Update
The Indian rupee opened flat at 67.85 per dollar against previous close of 67.84. The dollar extended its rebound against the yen to a fifth straight day after Wall Street reversed nearly all its earlier losses allowing USD/JPY to hold onto 121 and close with a slim gain.
Asian shares started a new month on somewhat firmer footing on Monday, helped by accommodative monetary policies in Japan and Europe, but traders were cautious ahead of China factory and service sector activity surveys.
The BOJ said it would charge for a portion of bank reserves parked with the institution, an aggressive policy pioneered by the European Central Bank (ECB). Earlier in January, the ECB indicated it could cut rates further in March.
Wall Street surged over 2 percent on Friday after the Bank of Japan unexpectedly cut interest rates and Microsoft led a major rally in technology shares, repairing some of the damage to the S&P 500's worst January since 2009.
Dow Jones industrial average ended 2.47 percent higher at 16466 while the S&P 500 gained 46.88 points or 2.48 percent higher to end at 1940.

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