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A 3 lakh-plus Covid case count for a second day, concerns over the economic impact of lockdowns, weakness in the rupee and an overnight drop in US stocks are likely to hit sentiment on Dalal Street on Friday. Most Asian markets traded higher in early trade, and technical charts for the domestic indices are hinting at a recovery ahead.
Here s breaking down the pre-market action:
STATE OF THE MARKETS
Nifty futures on the Singapore Exchange traded 82 points, or 0.57 per cent, lower at 14,320 in signs that Dalal Street was headed for a negative start on Friday.
Tech View: Nifty forms Piercing Line pattern
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Synopsis
Asian shares gained despite rising Covid cases and doubts over the ability of vaccine makers to supply the promised doses on time soured risk appetite.
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India 10-year bond yield fell 0.29 per cent to 5.93 after trading in 5.93-5.97 range.
Strong earnings by index heavyweight Reliance Industries and easing of worries over the fire at the world s biggest vaccine maker Serum Institute may help domestic stocks recover on Monday. Here s breaking down the pre-market actions.
STATE OF THE MARKETS
Nifty futures on the Singapore Exchange traded 111 points, or 0.0.77 per cent, higher at 14,468, in signs that Dalal Street was headed for a gap-up start on Monday.
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Domestic equity indices have risen in the last three sessions and they look set for another day of strong gains on firm global cues, a soft inflation print at home and optimism over IT earnings. Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
Nifty futures on the Singapore Exchange traded 25.5 per cent points or 0.17 per cent higher at 14,626, in signs that Dalal Street was headed for a positive start on Wednesday.
Tech View: Risk takers can buy on dips
Nifty50 on Tuesday made higher highs for the 14th straight session and formed a bullish candle on the daily chart. Analysts said Nifty’s positive momentum can continue and it can look to take out the 14,750 level soon. They see support for the index in the 14,300-14,430 zone.