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Nifty futures chart is currently finding strong golden ratio and 100 hours resistance at current levels, technical chart indicates further strength can be seen once it closes and holds above its resistance.
Stock major trend indicator is moving in positive zone this indicates if stock starts trading above its resistance zone then further price rise can be seen during market hours.
On Tuesday Nifty and sensex closed negative due to profit taking Bank and financial counter witness selling pressure whereas metal counter rose up.
On political front Lok Sabha began the debate on the GST Constitutional Amendment Bill today. Finance Minister Arun Jaitley urged opposition not to send the bill to a standing committee arguing that it will delay the bill by at least another year, missing the 2016 deadline.
On result point of view Kotak mahindra bank beats estimate with a near 30% rise in Q4 proifts and 16% jump in net interest income, company also announces bonus of 1:1 and with this news stock closed up by 6.5%.
Other heavy weights like ONGC up by 4% and Hindustan Unilever up by 2%.
Yahoo Stock is stuck in a range bound pattern technical indicates as long as it is moving in range trend will mix with no clear direction, sharp movement is expecting once it comes out from its range bound pattern.
Currently Yahoo stock forecast that is on the verge of bearish breakout as it is about to come out from its range pattern, if closes and holds below on down side then further price fall can be seen in coming days.
Yahoo Stock was on news that Tigress Financial has downgraded Yahoo inc to neutral from buy and they also mention that they see little for turn around in near future. The company also missed earnings expectations by nearly 17 percent on April 21, while revenue increased by 8 percent. Yahoo stock closed on weak note on Mondays trading and testing its previous low.
Yahoo's Inc revenue in the recent quarter is from the combined categories of mobile, social, video and native grew 58% , but represented just 30% of revenue. Cash flow has also fallen 7% in the past year to 2.9 billion.
USR INR currently witnessing selling pressure from its previous top and currency has also formed bearish candle formation in daily charts, technical indicates price fall can be seen as long as it holds below and further price rise action can be seen once USD INR closes and holds above its previous top.
Article published on Myiris.com
ICICI direct expects the US dollar to meet supply pressure on pullbacks against the rupee. ''Utilise rallies in the USD/INR May contract to sell. Sell USD/INR May futures in the range of 63.99-64.09 with target 63.80-63.62.''
"The rupee fell against the US dollar, marking its biggest monthly loss since December, as weaker local stocks fuelled concerns of further foreign fund outflows. The Indian currency ended the day at 63.42, down 0.20% from the previous close of 63.30. The dollar index against six major currencies ended at 95.45, up 0.25% from the previous close of 95.21. Visit our site for currency trading tips India.
In the currency futures market, the most traded dollar-rupee May contract on the NSE closed at 62.80. The May contract open interest was up 17.79% from the previous day. June contract open interest was up 8.26% from the previous day."
MCX GOLD 10 KG
MCX Gold moving up from 38.2% fibonacci retracement zone, technical chart indicates as long as MCX Gold holds above its support zone bulls will be favored and on upper side gold is finding strong resistance around 27300, once it closes and holds above its trend line resistance then further price rise can be seen in coming days. Visit link for more mcx gold charts.
Bank Nifty futures currently witnessing selling pressure from its resistance zone i.e trend line and golden ratio in hourly chart as shown in above graph, technical indicates intraday we can see some selling pressure in Bank Nifty futures as long as it holds below its resistance zone but once it starts trading above then further price rise action can be seen intraday. Visit our site for more stock market intraday tips.
Stock market likely to open flat, stock to close watch today is Kotak Bank on its quarter 4 numbers. So far stock markets has posted a very good start for the month of May bulls are in action as all major Indian Index closed higher with a gap up in EOD charts. But for today SGX Nifty is indicating a flat to down side indication (-17pts).
On the result point of view key stocks to watch out for are Kotak Mahindra Bank , South Indian Bank, Dabur, Century Textiles and Muthoot Finance that will declare its Q4 earnings today.
On global front foreign stock markets are trading with low volumes so far as Japanese, Thailand and South Korean market are shut today.
Stock currently shown long bullish candle and that too with increasing volumes, this indicates bulls are active in Adani Port, technical chart also indicates that stock is moving up from 200 days moving average and also from strong trend line support zone as shown in above graph. On upper side close watch stock will find strong trend line resistance at it previous top, technical indicates further price rise can be seen once stock closes and holds above its trend line resistance.
Stock was on news - Stock was up by 9% on 05th May 2015 as company reported as 25% jump in fourth quarter ended march 2015, stock closed around 346 at Bombay stock exchange approx 9.07%. APSEZ's consolidated net for the fourth quarter went up to Rs 661 crore on higher income and enhanced cargo volumes. The company said its consolidated PAT for the full fiscal grew 33% to Rs 2,314 crore compared with Rs 1,740 crore last year, visit our site for more Indian stock charts technical analysis.
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