Options data and higher tops and higher bottoms in Nifty daily charts suggest a shift in support to higher levels, which is a bullish signal. Will the bulls continue to march?
Let's check out what all might influence Dalal Street all through Tuesday:
Singapore trading sets stage for positive start
At 7.30 am, Nifty futures on the Singapore Stock Exchange were trading 21 points, or 0.20 per cent, higher at 10,653, indicating a positive start for the Nifty50 in India.
Nifty50 makes small bullish candle
The index formed higher tops and higher bottoms for the fourth consecutive session and formed a small bullish candle on the daily charts on Monday. Analysts see chances of the index inching towards the 10,680 level in the short term. At close, Nifty50 has formed a bullish gap area between 10,588 and 10,566 levels, which should act as an immediate support zone for the index, said Rajesh Palviya, Head – Technical & Derivatives Analyst at Axis Securities.
US stocks settled higher
The Dow Jones Industrial Average rose 152.45 points, or 0.61 percent, to 25,075.13, the S&P 500 gained 10.93 points, or 0.40 percent, to 2,723.99 and the Nasdaq Composite added 12.38 points, or 0.18 percent, to 7,077.92.
Rupee slips 14 paise on macro concerns
The rupee on Monday retreated from near three-year high and ended lower by 14 paise at 63.51 against the US currency on fresh bouts of dollar demand amid concerns over the sluggish outlook for economic growth. Forex market sentiment turned little gloomy after the first advance estimate of GDP growth for 2017-18 showed its slowest in four years to 6.5%, down from 7.1% last year amid lingering effects of demonetisation and GST.
PM to meet top economists tomorrow
Prime Minister Narendra Modi will meet top economists on Wednesday to seek their views on the macroeconomic situation the country. The meeting, to be chaired by the Prime Minister, will also be attended by top cabinet ministers and bureaucrats as well as members of the PM's Economic Advisory Council ahead of the union budget on February 1.
Tata Motors' JLR warns on UK outlook
Jaguar Land Rover's sales rose 7 per cent to a record 621,109 vehicles in 2017 but Britain's biggest carmaker said it faced tough conditions in its home market due to weakening consumer confidence and a planned diesel tax rise on new cars. The company has embarked on a major turnaround plan since being bought by India's Tata Group in 2008.
Cipla, DRL pulled up for overcharging
Five pharmaceutical companies including Cipla, Hetero and Dr Reddy's Laboratories are under the Indian regulator's scanner for allegedly overcharging for a new Hepatitis C combination which they launched without waiting for price approval. The National Pharmaceutical Pricing Authority has sent show-cause notices to these companies alleging overcharging for the combination drug, used to treat the potentially fatal Hepatitis C virus that harms the liver, said people familiar with the development.
SBI initiates bankruptcy process against Videocon
State Bank of India initiated bankruptcy proceedings against Videocon Industries on Monday as the deadline set by the regulator to resolve the Rs 29,000 crore default failed. The National Company Law Tribunal, a dedicated bankruptcy court, would hear the case on January 24.
Cigarette stocks in focus
In a setback to the cigarette and tobacco industry, the Supreme Court on Monday stayed a Karnataka High Court order quashing 85% pictorial warnings on packs containing such products. "Though a… submission has been advanced… that it will affect their business, we have remained unimpressed… as we are inclined to think that health of a citizen has primacy and he or she should be aware of that which can affect or deteriorate the condition of health," a three-judge bench said.