USDINR USDINR extended the gains so made in the last session and closed on a strong note. On daily chart, the pair closed around the trend line so coming from recent highs acting as resistance and strength can be seen if it sustains above 67.1000.
Fundamental News • China’s cabinet promotes Yin Yong as PBOC vice governor. • USD/CHF attempting a fresh move towards 103.00 mark. • Finland Industrial Confidence rose from previous -4 to 1 in December. • BOJ’s index shows November consumer prices +0.2% y/y – RTRS
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US Markets slumped down 0.50 percent on Wednesday, after the Federal Reserve announced 25 basis pts hike in interest rates. Wall Street took a breather from an ongoing bull run of more than 20 days. Euro Markets inched higher on the backs of steep rally seen in bank and financial stocks, after Fed rate hike. Traders watched for Britain’s monetary policy summary due later today.
Benchmark indices consolidated in today trading session too ending lower weighed down by profit taking in financials and index heavyweight Reliance Industries. European Central Bank (ECB) in its meeting kept the policy rates unchanged leaving the scope of further monetary stimulus. The Nifty ended the session to close at 8699.40 i.e.40.30 points higher. IDEA, TECHM, Tata Power and Hcltech were the top gainers of the day Axisbank, Hindalco, Ambuja Cement and ACC were the top losers of the…
Weekly Market View Nifty started the weak on flat note and witnessed selling before the budget session but regained all its losses after the budget and reclaimed its previous high of 8700.It ended the week on positive note to close at 8754.35. It looks bullish on close above the resistance level of 8800 for the buying target of 8920. However the RBI policy review in next week will have significant impact on markets to decide its direction.