What changed for the market while you were sleeping? Top 10 things to know

The Nifty index made a strong bullish candle on the daily charts and has now moved above crucial short-term moving averages such as 5, 13 and 20-EMA. The Index made a bullish candle after a ‘Hammer’ like pattern, which is a bullish sign and suggests that follow-up buying could be seen in the next few sessions as well.

The Nifty, which opened at 10,603.45, slipped marginally to 10,587 before bulls took charge of D-Street. The index rose to an intraday high of 10,698.35, before closing 91 points higher at 10,684.

“A robust bull candle on Nifty chart is clearly suggesting that the index made an attempt to start a fresh leg of the upswing from the recent lows of 10,550 which should logically take it beyond 10770 levels,” Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.

The Bank Nifty formed a Hammer candle, followed by a Long Legged Doji Candle on the daily scale indicates that decline was bought. It managed to hold above its crucial rising trend line, which is formed by connecting swing lows of 24,753, 25,662, 25,668 and 26,069.

Now, the index has to hold above 26,250 to witness an up move towards 26,500 and 26,600, while on the downside immediate support is seen at 26,100, followed by 25,950, experts suggest.

India VIX fell 5.78 percent to 12.55. Falling volatility with rising put-call ratio suggests an overall bullish bias in the market.

According to Pivot charts, its key support is placed at 10,615.37, followed by 10,546.03. If the index starts moving upward, key resistance levels to watch out are 10,726.17 and 10,767.63.

The Nifty Bank index closed at 26,367.6. The important Pivot level, which will act as a crucial support for the index, is placed at 26,201.87, followed by 26,036.13. On the upside, key resistance levels are placed at 26,479.27, followed by 26,590.93.

Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies.

Wall Street rises on economic data, easing trade worries

Wall Street indexes rallied on Wednesday with help from financial stocks as investors eyed strong economic data and trade war fears took a back seat while the Nasdaq registered its third straight record closing high.

The Dow Jones Industrial Average rose 346.41 points, or 1.4 percent, to 25,146.39, the S&P 500 gained 23.55 points, or 0.86 percent, to 2,772.35 and the Nasdaq Composite added 51.38 points, or 0.67 percent, to 7,689.24.

Asian shares gain, rise to over 2-month high

Asian shares rose to 2 1/2-month high on Thursday, supported by strong economic fundamentals. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.2 percent to extend its gains, hitting a 2-1/2 month high for a second straight day.Japan’s Nikkei rose 0.7 percent to 22790.68 in early trade.

SGX Nifty

Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 36 points or 0.34 percent. Nifty futures were trading around 10,731- level on the Singaporean Exchange.

World Bank sees India as fastest growing economy for next 3 years

The Indian economy will see a robust GDP growth of 7.3 percent in 2018-19 and 7.5 percent for the next two as “factors holding back growth in India fade”, the World Bank has forecast, allowing the country to retain the tag as the world’s fastest growing major emerging economy.

“India’s economy (today) is robust, resilient and has potential to deliver sustained growth,” Ayhan Kose, Director of the Development Prospects Group at the World Bank said. Growth in India is projected to advance 7.3 percent in FY 2018-19 and 7.5 percent in FY 2019-20, reflecting robust private consumption and strengthening investment, the bank said.

EU plans to hit US imports with duties from July

The European Union expects to hit US imports with additional duties from July, ratcheting up a transatlantic trade conflict after Washington imposed its own tariffs on incoming EU steel and aluminium.

EU members have given broad support to a European Commission plan to set 25 percent duties on up to 2.8 billion euros (USD 3.3 billion) of US exports in response to what is sees as illegal US action. EU exports that are now subject to US tariffs are worth 6.4 billion euros.

Oil falls on US crude build; global supply seen rising

Oil prices fell on Wednesday on worries that global supply is climbing after US inventories rose unexpectedly and Saudi Arabia and other big producers signaled that they may increase output.

US crude settled down 79 cents, or 1.2 percent, at USD 64.73 a barrel. Brent pared losses late in the session, settling down 2 cents at USD 75.26 a barrel. In post-settlement trade, Brent turned positive, rising 18 cents a barrel.

Rising exports push US trade deficit to 7-month low

The US trade deficit fell to a seven-month low in April as exports rose to a record high, lifted by an increase in shipments of industrial materials and soybeans.

The Commerce Department said the trade gap narrowed 2.1 percent to USD 46.2 billion, the smallest since September. Data for March was revised to show the trade deficit falling to USD 47.2 billion, instead of the previously reported USD 49.0 billion.

Record US exports shrink April trade gap as China imports fall

Record exports sent the US trade deficit to its lowest level in seven months in April while Americans imported fewer goods from China, government data showed today. The falling trade gap comes as the major world economies gird for all-out trade war after President Donald Trump last week imposed punishing tariffs on US imports of steel and aluminum.

The total US trade deficit fell 2.1 percent for the month to USD 46.2 billion after a downward revision for March. The result was better than analysts expected, since a consensus forecast called for a 3.4 percent increase.

Rupee soars 23 paise to 1-month high

The rupee yesterday staged a spirited rebound after a two-day fall and ended at a fresh one-month high of 66.92, surging by 23 paise against the US dollar, even as the RBI hiked repo rate by 25 basis points.

Forex market sentiment was buoyed by the Reserve Bank retaining growth forecast for the current fiscal at 7.4 per cent on hopes of further boost to investments and higher consumption.

2 stock under ban period on the NSE

Securities in ban period for the next day’s trade under the futures and options segment includes companies in which the security has crossed 95 percent of the market-wide position limit.

For June 7, Balrampur Chini and DHFL are present in the the F&O ban list.

With inputs from Reuters & other agencies