Nifty call:
Strategy: Buy on dips with a fixed stop-loss
Supports: 13,350 and 13,300
Resistances: 13,400 and 13,430
Rupee call:
The rupee looks clearly bullish and this is corroborated by the weakness in dollar as indicated by the dollar index. However, 73.70 is a considerable resistance. Hence, traders can wait for now and buy INR if it rallies past the hurdle at 73.70 and place a tight stop-loss.
Supports: 73.85 and 74.00
Resistances: 73.70 and 73.50
Update:
Shares hit record highs on Monday, led by gains in Oil and Natural Gas Corp Ltd after the company made a “significant” discovery in South America, although losses in top private sector lender HDFC Bank capped gains.
The NSE Nifty 50 index rose 0.19 per cent to 13,283.15 by 0354 GMT, while the benchmark S&P BSE Sensex was up 0.17 per cent at 45,157.33. Both indexes had registered five straight weeks of gains amid news of progress in coronavirus vaccines.
ONGC climbed 4.6 per cent to its highest since early March after it said on Friday its overseas arm made a “significant strike of oil” in its block in Colombia.
Pfizer's Indian arm rose as much as 2.5 per cent in early trade after a top government health adviser said the US drugmaker had applied for emergency use authorisation of its Covid-19 vaccine in India.
HDFC Bank Ltd dropped 1.8 per cent to its lowest since mid-November and was the biggest drag on the indexes.
The Reserve Bank of India on Thursday halted the lender from sourcing new credit card customers and launching digital businesses due to outages in bank's internet banking, mobile banking, payment utilities.
Meanwhile, Asian peers were trading lower after Reuters reported that the United States was preparing to impose sanctions on some Chinese officials over their alleged role in Beijing's disqualification of elected opposition legislators in Hong Kong. (Reuters)
Opening bell:
Sensex rises 84.62 points to 45,164.17 in opening session; Nifty advances 25.30 points to 13,283.85