Hello reader, hope you’ve had a good weekend. Markets may rise in early Monday trades on the back of gains in the Gift Nifty index, but a mixed trend in Asian indices could fuel sideways movement in intra-day trades. However, moderating inflation in the US and strong foreign fund inflows indicate the undertone could remain bullish with bouts of volatility. Metal shares could be in the spotlight as the soft US inflation data spurred bets that global economic growth will not worsen as much as initially thought this year. Also, copper prices remained upbeat owing to the prospect of more stimulus measures in major importer China. Copper hit a three-week high. All eyes will be on the HDFC Bank counter amid its first day listing post-merger announcement.
Important points to note:
- We’ve reached new ATH levels today in our markets, fueled mainly by IT, metals and media stocks.
- Nifty IT at a key profit booking zone currently, good time to book profits partially if long on this sector.
- GBP/INR on course for new all time highs post crossing the 105 hurdle, 110 looks likely to be achieved in the due course of time from here.
As always, risk management is key, and a proper system in place prevents one from losing out too much, in case of outlier events. Have a good trading day, and may the force be with you!
Disclaimer: this post is for educational purposes only, we are not SEBI registered analysts. Trades mentioned here are not trade recommendations. Equity Investments are subject to 100% market risk, please consult your financial advisor before investing.