US stock markets strengthened overnight ahead of the release of FOMC
minutes on Wednesday. Economic data were mixed, with US, homebuilder
sentiment having improved in August. European equities also closed
slightly higher (excluding the DAX). Commodities are generally flat with
WTI crude oil prices falling back below $42/bbl. On Monday, the US
dollar continued to appreciate against Asian currencies including the
rupee.
With Asian markets this morning providing no real cues, expect the market to ride on local sentiment, which has been swaying wildly over the last few days. After the 2 per cent move last Friday, Monday was a weak session. Money markets are closed today on account of the Parsi new year.
8,600-8,700 stays the next big resistance for Nifty with $1.3 billion open interest at those strikes from call writers. Results season has ended and there are no macro-economic releases which are expected to come this week.
Monday's session was mainly dominated by PSU Banks with SBI and BoB counting among the top traded stocks. It was the second strong day for PSU banks after long positions were added on Friday.
Oil marketing stocks have all reported strong results for Q1 but this has not translated into stock upsides so far. Watch that space. Tech stocks were weaker on Monday despite the weakening rupee. Midcaps generally held out with the CNX Midcap Index closing up 0.4 per cent.
With Asian markets this morning providing no real cues, expect the market to ride on local sentiment, which has been swaying wildly over the last few days. After the 2 per cent move last Friday, Monday was a weak session. Money markets are closed today on account of the Parsi new year.
8,600-8,700 stays the next big resistance for Nifty with $1.3 billion open interest at those strikes from call writers. Results season has ended and there are no macro-economic releases which are expected to come this week.
Monday's session was mainly dominated by PSU Banks with SBI and BoB counting among the top traded stocks. It was the second strong day for PSU banks after long positions were added on Friday.
Oil marketing stocks have all reported strong results for Q1 but this has not translated into stock upsides so far. Watch that space. Tech stocks were weaker on Monday despite the weakening rupee. Midcaps generally held out with the CNX Midcap Index closing up 0.4 per cent.
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