Govt data released on Friday showed annual retail inflation rose to 5.03% in February on higher fuel prices, which could pressure RBI s accommodative stance.
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Domestic stocks may see a cautious start to Friday s trade, even as optimism over the US stimulus, ECB s dovish tone and strong jobless data in the US sent Walls Street to record highs in overnight trade and kept Asian market buoyant this morning.
Here s the breaking down of the pre-market actions:
STATE OF THE MARKETS
Nifty futures on the Singapore Exchange traded 4 points, or 0.03 per cent, lower at 15,415 in signs that Dalal Street was headed for a tepid start on Friday.
Tech View: Nifty sets sight at 15,220
Nifty50 took out its immediate resistance at 15,100 level on Wednesday, but formed a small bearish candle with a long lower wick, suggesting intraday selling got bought into. Analysts said the index seems to have won a mini-battle, but is still indecisive and needs to take out the 15,220 level for the positive momentum to sustain.
Here s breaking down the pre-market actions:
STATE OF THE MARKETS
Nifty futures on the Singapore Exchange traded 61.50 points, or 0.41 per cent, higher at 15,222 in signs that Dalal Street was headed for a positive start on Wednesday.
Tech View: Nifty eyes swing high
Nifty50 on Tuesday climbed over 1 per cent and formed a small bullish candle on the daily chart, with a long lower wick, as intraday selling triggered buying. The index has been trading roughly in the 14,900-15,100 range for the past three sessions and analysts said the way the index rallied in the last hour of Tuesday s trade suggested that it is gearing up for a breakout on the upside.