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Nifty 50 today: US inflation data could cheer up, say analysts

02:29, 11 August 2022

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On Wednesday, Nifty closed up 0.06% at 17,534.75

The NSE Nifty 50 (India 50) could cheer up in Thursday session taking cues from other Asian markets’ early sessions responding to positive news from US inflation data, analysts told Capital.com.

“Technical landscape for Nifty is likely to be positive as long as the benchmark trades above its biggest support at 17,121-mark with target at 17,889,” Prashanth Tapse, research analyst at Mehta Equities said.

Hindalco share price and Larsen & Toubro share price could react to news flow from those counters, which in turn could influence the National Stock Exchange index.

Apollo Hospitals Enterprise will declare its corporate earnings today.

Nifty 50 (India 50)

The US consumer price index (CPI) rose by 8.5% year-on-year in July, a slower annual increase compared with June, according to a media report. The data released on Wednesday raises hopes that the pace of price rises in the US has started to decelerate, which will be of comfort to both the Federal Reserve and the Biden administration, the report said.

“We expect inflation to cool off gradually on the back of falling crude prices and softening other commodities going ahead. This would support global economies and global equity markets ahead,” Mitul Shah, head of research at Reliance Securities said.

“On Wednesday, a small negative candle was formed on the daily chart with minor lower shadow. This market action signals the inability of bulls to show follow-through up move above 17,500 levels post upside breakout of small range on Monday. This could mean chances of more consolidation or possibility of minor selling pressure emerging from the highs,” Nagaraj Shetti, technical research analyst at HDFC Securities said.

Silver

21.08 Price
+1.730% 1D Chg, %
Long position overnight fee -0.0115%
Short position overnight fee 0.0026%
Overnight fee time 21:00 (UTC)
Spread 0.020

Oil - Brent

91.32 Price
+3.530% 1D Chg, %
Long position overnight fee 0.0516%
Short position overnight fee -0.0781%
Overnight fee time 21:00 (UTC)
Spread 0.04

Natural Gas

6.95 Price
+4.910% 1D Chg, %
Long position overnight fee -0.1782%
Short position overnight fee 0.1325%
Overnight fee time 21:00 (UTC)
Spread 0.005

Gold

1,726.04 Price
+1.570% 1D Chg, %
Long position overnight fee -0.0156%
Short position overnight fee 0.0055%
Overnight fee time 21:00 (UTC)
Spread 0.20

“Though, Nifty placed at the highs, the short-term uptrend status remains intact and there are no signs of any reversal pattern unfolding at the higher levels. On any upside from here, the market could find strong resistance around 17,800 levels. Immediate support is placed at 17,450 levels,” Shetti added.

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Hot stocks

Hindalco Industries

Hindalco Industries posted a consolidated net profit of INR41.19bn ($515m) for the quarter ended June, a 48% rise from year-ago quarter, while its consolidated revenue rose 40% on-year to INR580.18bn. The quarterly net profit, which was the highest-ever for the firm, was driven by robust all-round performance across its business, it said in a regulatory update.

Larsen & Toubro

Engineering and construction major Larsen & Toubro on Wednesday said its construction arm secured a 'significant' contract for its heavy civil infrastructure business. As per L&T's classification, the value of the project is at about INR10bn-INR25bn, it said in a regulatory update. The contract is from the Nuclear Power Corporation of India.

Nifty on Wednesday

On Wednesday, Nifty closed up 0.06% at 17,534.75, with metals and capital goods gaining the most while information technology and realty falling the most.

“Markets traded lacklustre and ended almost unchanged amid muted global cues. After the minor swings in early trades, the benchmark traded in a narrow range for most of the day and closed flat.

Meanwhile, sectoral indices traded mixed wherein the metal and capital goods showed traction while information technology, realty and consumer durables traded under pressure,” Religare Broking vice president (research) Ajit Mishra 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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