The Nifty on Friday closed marginally higher at 7849.80 and it is likely to remain negative due to lack of major domestic triggers and weak global cues.
<img title="A trader works on the floor of the New York Stock Exchange on Friday as the Dow Jones Industrial Average closed down over 100 points. Pic/AFP" src="http://images.mid-day.com/images/2016/may/Stock-Exchange.jpg" alt="A trader works on the floor of the New York Stock Exchange on Friday as the Dow Jones Industrial Average closed down over 100 points. Pic/AFP" /> A trader works on the floor of the New York Stock Exchange on Friday as the Dow Jones Industrial Average closed down over 100 points. Pic/AFP
After a long phase of disruptions, investors are looking eagerly for some movement on the Goods and Services Tax (GST) Bill in this session of Parliament which will end on May 13.
Nifty has support at 7775 and 7700; a decisive move below these levels can cause it to fall further. However, it could get support only at 7520. Nifty has resistance at 7975 and 8046.
Profit drops Idea Cellular reported a 39 per cent drop in net profit to Rs 575.6 crore in the March quarter. ICICI Bank posted a net profit of Rs 3018.13 crore in the December quarter. It saw a 70 per cent fall in net profit on a year to year basis.
International markets are also looking slightly weak including the United States. US Volatility Index (VIX) jumped nearly 11 per cent on Friday at 17.09 indicating uncertain movements in the days to come.
US consumer confidence slumped to a seven month low in the last week putting pressure on the markets. The US dollar index declined to 93.34, its lowest level since August 2015 after the Federal Reserve stand on rate hike. Dow Jones is looking weak, major technical indicators are suggesting that weakness will persist, and it has support at 17846, below this Dow may test 17470 in the near term.
Dow has resistance at 18146 and 18400. Nasdaq on the other hand has entered in the oversold territory, which can give minor support to it. The Japanese Central Bank on Friday kept interest rate unchanged which lifted the Japanese Yen, as it hit an 18 month high, which pressured the world equity markets.
Pressure is on Health care and consumer goods were under pressure globally. The same trend can be expected in our markets too in the week ahead. Many companies will announce quarterly earnings in this week like Federal Bank, LG Bros, HDFC, Adani Port, Alstom T&amp;D, BASF, Century Text, Goderj CPs, Hexaware, SKS Micro, MRF, Shoppers Stop, TVS Motor, V Guard, Eicher Motors, Castrol, Emami, GE Shipping, Hero Motor Corp and NDTV.
Weak Dollar Index and demand ahead of Akshaya Tritiya lifted precious metal prices including gold and platinum. Gold has resistance at $1300 per troy ounce and weekly charts are suggesting a level of $1335 in the near term. According to the World Gold Council, a drought is unlikely to affect the gold price in the near term.

With Akshaya Tritiya on May 9, precious metals are in high demand with their rates surging

Gold rush is on

Keenan-Rueben murder case: Mumbai court adjourns verdict till May 5

With Akshaya Tritiya on May 9, precious metals are in high demand with their rates surging

Gold rush is on

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Home / Mumbai / Mumbai News / Article / Gold rush is on

Gold rush is on

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