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Nifty 50 today: correction likely over weekly expiry, say analysts

02:39, 18 August 2022

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On Wednesday, Nifty ended up 0.67% at 17,944.25 – Photo: Shutterstock

The NSE Nifty 50 (India 50) could be volatile on Thursday with a correction likey over weekly expiry, analysts told “The scheduled weekly expiry may result in some whipsaws so plan accordingly,” warns Ajit Mishra, vice president (research) at Religare Broking.

Bharti Airtel share price and State Bank of India share price could react to news flow from those counters, that could influence the National Stock Exchange index.

Nifty 50 (India 50)

“The buoyancy in the global markets, especially the US, combined with favourable domestic factors such as improving macros, consistent foreign flows among others are helping the markets to maintain the prevailing trend. We thus reiterate our bullish view and suggest using any intermediate dip or pause to create fresh longs,” Ajit Mishra, vice president (Research) at Religare Broking said.

“As the stance of monetary policy tightened further, it likely would become appropriate at some point to slow the pace of policy rate increases while assessing the effects of cumulative policy adjustments on economic activity and inflation, according to minutes of the Federal Open Market Committee’s July 26-27 meeting released on Wednesday.

“Any lack of strength around 17,900-18,000 levels in the next 1-2 sessions could pull Nifty below the resistance area in the short term,” said Nagaraj Shetti, technical research analyst at HDFC Securities.

“On Wednesday, a small positive candle was formed on the daily chart with minor upper and lower shadow. Technically, this pattern indicates a continuation of upside momentum in the market without any reasonable downward correction from the highs,” Shetti added.

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State Bank of India

State Bank of India, the country’s largest lender, has started work on a new operational subsidiary to optimise revenue and field forces, according to a local media report. The operational subsidiary, for which it has already received regulatory approval, will help the company optimally utilise field forces and optimise revenues.

SBI stockSBI stock movement year-to-date versus 50 DEMA

Bharti Airtel

Telecom service provider Bharti Airtel on Wednesday said it has paid INR83.12bn (1.09bn) to the Department of Telecommunications towards dues for spectrum acquired in the recently concluded 5G auctions. Airtel has paid four years of spectrum dues upfront, it said in a regulatory update. The firm’s share prices closed up 2.55% at INR721.75.

Nifty on Wednesday

On Wednesday, Nifty ended up 0.67% at 17,944.25, buoyant on positive global cues and marking its seventh consecutive rise. Among the sectors, telecom, consumer durables and information technology indices rose the most, while auto and capital goods indices fell the most.

“Asian shares were mostly higher Wednesday as regional markets looked to strong economic signs out of the US and China as drivers of growth. Markets are less than 4% off their lifetime highs. Nifty continues its relentless rise and is currently outperforming global markets.

Though there are no signs of reversal, the current uptrend is mature. On an up move 18,114 could act as a resistance, while 17,719 would be the support,” Deepak Jasani, head of retail research 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.
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