Gold Prices Today: Expert says rates may improve to Rs 49100 levels | Know Nifty performance too
Nifty has remained stuck within the 12730 and 13150 range weighed by lacklustre movement among banking and IT stocks. Among sectors, commodity-related stocks have continued outperforming, partly underpinned by the dollar's broad-based weakness. Meanwhile, broader markets have remained firm, but the rally is showing signs of fatigue on shorter time frame charts.
Gold prices opened slightly higher on Tuesday and corrected sharply during the first few hours of the session till a low of Rs 47771. However, gold prices did not sustain at lower levels and recovered strongly for the remaining session till a high of Rs 48640. Prices recovered strongly in the last session as rising Coronavirus cases overshadowed some of the optimism for a quicker vaccine-fuelled economic recovery.
ICICI Securities believes gold prices will recover further towards Rs 49100 level in the short-term.
For over two weeks, Nifty has remained stuck within the 12730 and 13150 range weighed by lacklustre movement among banking and IT stocks. Among sectors, commodity-related stocks have continued outperforming, partly underpinned by the dollar's broad-based weakness. Meanwhile, broader markets have remained firm, but the rally is showing signs of fatigue on shorter time frame charts.
Looking ahead, since yesterday, Nifty has failed to surpass last week's high of 13145. That becomes an important resistance now to keep an eye on. On the downside, immediate support lies at 12970, break below which could expose the index for a minor correction towards 12840-12730.
NSE Nifty closed flat today at 13114 up 5 points while BSE Sensex closed at 44618 down 37 points. Bank Nifty is down over 355 points (-1.2%) closing at 29463. Gail was the top gainer on Nifty, up over 5%, while ONGC, Asian Paints and Titan were up nearly 4%. Adani ports and Bajaj Auto were up near 3%. Kotak Mahindra Bank was the top loser on Nifty, down over 3% while HDFC twins were down 1 to 2%.
Ajit Mishra, VP - Research, Religare Broking Ltd
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Markets ended almost unchanged in a highly volatile trading session. The benchmark gradually inched lower after the flat start however strong buying in the last hour helped the index to close flat at 13,114 levels. The broader markets outperformed wherein both Midcap and Smallcap ended higher by 0.5% and 0.7% respectively. On the sector front, except Banking and Finance, all the other indices ended with healthy gains wherein Realty, Metal and Oil & Gas were the top gainers.
Religare Broking seeing consolidation in the index but the bias is still on the positive side. Going ahead, further updates on COVID vaccines and cues from the global markets will remain in focus. Besides, on the domestic front, RBI’s monetary policy meet would also be on investors' radar. The MPC is likely to maintain the status quo however their commentary on growth and inflation would be critical.
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