Dalal Street week ahead: Commodities, metals, select midcaps look well poised
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The coming week will be a truncated one, with Wednesday being a trading holiday on account of Dr Babasaheb Ambedkar Jayanti. Given the current technical setup, Nifty continues to walk the double-edged sword just like the week before his one.
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Moving in a trading range that was wider than the previous week, Indian equities did not make any directional headway over the past five days and ended flat. Nifty oscillated in a range, but stayed within the falling channel that the index had formed following the formation of its lifetime high.
D-Street outlook: Dalal Street Week Ahead: Nifty50 to stay rangebound with upside capped
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Following a strong show in the previous week, the week gone by saw some extension of the Nifty bounce as the benchmark index ended on a positive note. For most part of the past five sessions, the index traded in a capped range with limited upsides. This was unlike the previous week, which had wide-ranging moves.
Nifty moved in a narrow 279-odd points range through the week before closing with gains. Volatility also eases. The headline index ended the week with a net gain of 239.05 points, or 1.60 per cent.
In the global landscape, few important technical developments are playing out. The US Dollar Index (DXY) has rolled over inside the improving quadrant, indicating a likely end to its relative underperformance over other asset classes. US Treasury Bonds are also showing consistent improvement in their relative momentum against other asset classes.