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Nifty 50 today: choppy session ahead with a positive outlook, say analysts

02:25, 16 August 2022

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On Friday, Nifty ended up 0.22% at 17,698.15 – Photo: Shutterstock

The NSE Nifty 50 (India 50) could trade choppy on Tuesday with a positive bias, analysts told Capital.com. With most of the Nifty firms having announced their earnings, investors would look at global cues such as the US Federal Reserve’s commentary on inflation and the energy crisis in Europe.

Mahindra & Mahindra share price and ICICI Bank share price could react to news flow from those counters, which could influence the National Stock Exchange index.

HCL Technologies’ counter will be in focus ahead of the company’s annual shareholder meeting on Tuesday.

Nifty 50 (India 50)

“Technically, the winning streak in the index has brought it towards the sloping trendline on the weekly chart, which might be considered as the major hurdle for the index in the near period. Also, the recent upward move has been vertical in nature, so one should not rule out the possibility of profit booking at the critical resistance zone.

And any sort of correction in the upcoming week should be considered healthy post such a strong rally, as structurally, we may get a higher bottom,” Osho Krishan, senior analyst (technical & derivative research) at Angel One said.

India’s retail inflation, as measured by the Consumer Price Index (CPI), eased to a five-month low of 6.71% in July, down from 7.01% in June. Separately, the country’s factory output, measured through the Index of Industrial Production (IIP), recorded a 12.3% rise in June.

“Going ahead, with the earnings season behind us, the performance of global markets will be the focus for cues,” Ajit Mishra, vice president (Research) at Religare Broking said.

“The market will also attempt to interpret the timeline for future rate hikes. The balance of trade figure, which is set to be declared next week, is another factor that the home market will be observing,” Apurva Sheth, Head of Market Perspectives at Samco Securities said.

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Hot stocks

Mahindra & Mahindra

Mahindra & Mahindra on Monday announced plans to launch five new electric Sports Utility Vehicles (SUVs) in India and across global markets, with the first four expected to hit the road between 2024 and 2026.

With increased consumer awareness and government support in place, it is the opportune time to enter the electric passenger vehicle segment, Mahindra Group Chairman Anand Mahindra said at an event in London. The company would introduce the first of the five e-SUVs towards the end of 2024, starting with the Indian market, a local media report said.

ICICI Bank

ICICI Bank became the sixth Indian company to breach INR6tn ($75bn) market capitalization, with its stock prices surging nearly 17% during this year.

The lender joins the elite list of firms that includes Reliance Industries, Tata Consultancy Services, HDFC Bank, Infosys and Hindustan Unilever. On Friday, as per exchange data, the bank’s market capitalisation stood at INR6.10tn, while its shares closed up 1.99% at INR876.85.

Nifty on Friday

On Friday, Nifty ended up 0.22% at 17,698.15, buoyant on favourable cues from the both domestic and global front.

“The choppy movement continued in the market at the highs on Friday and Nifty closed the day higher by 39 points amidst a range movement. A small positive candle was formed on the daily chart with minor upper and lower shadow.

Technically, this pattern indicates a formation of high wave type candle patterns. Having formed this pattern within a narrow range movement, the predictability of this pattern could be less,” Nagaraj Shetti, technical research analyst at HDFC Securities said.

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.

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