Sensex Spikes 400 Points in Early Trading, Nifty Above 17,650

Indian stock markets have gained momentum overseas with Jerome Powell, the US Fed Chief, speaking at the Jacksone Hole finance conference. The front-line index Nifty50 rose and has now surpassed 17,650 points as well as the BSE S&P which is now over 59,248 points.

Sensex soars 400 points, Nifty trades above 17,650; key gainers and losers

Titan, Infosys, and M&M were among the greatest contributors to the indices in the previous year. However, Bharti Airtel, Dr. Reddys, and Asian Paints impacted the indices.

In addition, broader markets such as the large-cap index and the small-cap index rallied up to 1%.

Auto, Metal & PSU Banking Sector is Leading

All sectors opened in the green zone with Nifty Auto, Nifty Metal, and Nifty PSU Bank leading the pack.

There is a long bearish trend on the technical front. Long liquidation has been seen at the end of the month and ahead of the US Fed Jackson Hole meeting. The Index is expected to experience prolonged consolidation in the range of 18,000-17,400 where stock-specific action will prevail. Important to note that Nifty has had a bullish golden crossover (50dma crossing 200dma) showing long-term bullish development.

This could mean that decreases from here on should be used as buying opportunities. There will be an obstacle at 17,725 followed by 17,835 on the upside or 17,480-17,450 could act as resistance during trading today. Buy positions can be initiated in lower levels of 17,450-17,500 for an upside target of 17,700-17,800

Trade talks between China and the United States are progressing, resulting in increased Asian shares. As traders await a speech from Jerome Powell, uncertainty remains about what the Fed will do to increase interest rates.

Tokyo's stocks opened higher on Friday, as investors awaited the US Federal Reserve Chairman Jerome Powell's speech, expecting to hear what interest rates will be like from now until May 2020. The Nikkei stock index was up 0.76% while the Topix index was up 0.50%.

Investors focus on the Federal Reserve’s Jackson Hole conference for clues about their policy outlook. That increases Wall Street stocks as investors gained confidence in technology-related stocks, for example Nvidia.

6 views0 comments