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The Print
3 days ago
- Business
- The Print
Rupee rises 36 paise to close at 85.72 against US dollar
Domestic markets rose by around one per cent each, while the US Dollar fell towards the 97 mark. The rupee extended its gains supported by a rise in risk appetite in global markets after the announcement of a ceasefire between Iran and Israel, forex traders said. Mumbai, Jun 26 (PTI) The rupee rose 36 paise to close at 85.72 against the US dollar on Thursday on the back of a sharp drop in the greenback and a strong show in the domestic equity markets amid rise in risk appetite. At the interbank foreign exchange, the rupee opened at 85.91 against the US dollar and traded in the range of 85.63-85.93 before settling at 85.72, up 36 paise from its previous close. On Wednesday, the rupee settled lower by 3 paise at 86.08 against the US dollar. 'The Indian rupee and equities have seen appreciation, largely due to a weaker US Dollar Index and increased dollar inflows through IPOs. The dollar index has plummeted to a three-year low amidst speculation of earlier than expected US interest rate cuts. 'This speculation is fueled by reports that US President Donald Trump is actively seeking to undermine the Federal Reserve Chair, potentially paving the way for a more dovish monetary policy,' Dilip Parmar, Research Analyst, HDFC Securities said. In the near-term, the spot USDINR pair is expected to find support at 85.45 and face resistance at 86.27. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.46 per cent down at 97.23 after strengthening in the previous session. Brent crude, the global oil benchmark, went up by 1.39 per cent to USD 68.62 per barrel in futures trade. 'We expect the rupee to extend its gains amid a rise in risk appetite in global markets after the announcement of a ceasefire between Iran and Israel,' said Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan. Choudhary further said that weak US Dollar, falling crude oil prices and rising global markets may also support the rupee at lower levels. 'However, any selling by FIIs and any violation of the ceasefire may pressurise the rupee at lower levels. Traders may take cues from weekly unemployment claims, durable goods orders and pending home sales data from the US. USDINR spot price is expected to trade in a range of 85.30 to 86,' Choudhary said. Meanwhile, in the domestic equity market, Sensex jumped 1,000.36 points to settle at 83,755.87, while Nifty rose 304.25 points to 25,549. Foreign institutional investors (FIIs) offloaded equities worth Rs 2,427.74 crore on a net basis on Wednesday, according to exchange data. PTI TRB DRR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Hans India
3 days ago
- Business
- Hans India
Trade Setup June 27: Nifty eyes 26,000; bullish momentum expected to continue
The Nifty 50 surged for the third consecutive session on Thursday, climbing 304 points to close at 25,549—its highest in nearly nine months. The sharp upward move marked a decisive breakout from its two-month trading range of 24,500–25,200. Analysts believe this momentum could propel the index toward 25,800–26,000 in the coming days. Intraday dips were swiftly bought into, showing strong bullish sentiment, especially on the day of the monthly expiry. The broader market mirrored this optimism, with the Nifty Midcap 100 up 0.59% and the Nifty Smallcap 100 gaining 0.42%. Sectorally, metals, oil & gas, and financial services led the rally. Nifty Metal rose 2.3%, fueled by a drop in Brent crude to $66 per barrel and a weakening US dollar, which hit a three-year low below the 97 mark. In contrast, the media, realty, and IT sectors ended in the red. Domestic cues also played a role. A strong start to the monsoon season—with rainfall 4% above the long-period average—lifted hopes for agri, rural, and consumer-facing sectors. Defence stocks may also stay in focus due to India's increasing manufacturing alignment with Europe and an export target of ₹50,000 crore by 2029. Siddhartha Khemka of Motilal Oswal expects the bullish momentum to persist, backed by stable domestic indicators and a supportive global backdrop. Nagaraj Shetti of HDFC Securities noted that the breakout has opened the path for the Nifty to test 25,800–26,000 in the near term, with immediate support seen at 25,400. Rupak De of LKP Securities echoed the positive sentiment, saying the index's breakout above consolidation signals strong optimism. With resistance seen only around 25,700–25,750, the upside may continue, barring a drop below 25,300.
The Print
3 days ago
- Business
- The Print
Rupee falls 3 paise to close at 86.08 against US dollar
At the interbank foreign exchange, the rupee opened at 86.00 against the US dollar and traded in the range of 85.79-86.14 before settling at 86.08, down 3 paise from its previous close. Forex traders said the ceasefire between Israel and Iran has led to a rise in risk appetite. Moreover, a strong show in the domestic equity market prevented steep losses in the local unit, they said. Mumbai, Jun 25 (PTI) The rupee gave up its gains and settled for the day lower by 3 paise at 86.08 against the US dollar on Wednesday, weighed down by the recovery in the US Dollar index and selling pressure from foreign funds. The Indian rupee closed almost flat amid quiet regional price action. 'Traders are now focused on upcoming trade-related updates for short-term direction. Near-term, USD/INR has support at 85.10 and resistance at 85.90,' said Dilip Parmar, Research Analyst, HDFC Securities. The local unit had logged its steepest single-day gain in nearly five years on Tuesday to end 73 paise higher at 86.05 against the greenback. 'The rupee made a high of 85.79 before oil companies stepped in and took it lower to 86.13 with the market still sceptical of the Iran-Israel ceasefire,' Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said. 'We await the current account data from the Reserve Bank of India (RBI) to gauge how it performed during 2024-25, while the IIP data is also due to be announced today (Wednesday),' he said, adding that the rupee is expected in the range of 85.75-86.50 on Thursday. Brent crude, the global oil benchmark, rose 1.43 per cent to USD 68.10 per barrel in futures trade after US President Donald Trump claimed to have brokered a ceasefire between Iran and Israel. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading up 0.21 per cent at 98.06. Meanwhile, in the domestic equity market, Sensex jumped 700.40 points to settle at 82,755.51, while Nifty surged 200.40 points to 25,244.75. Foreign institutional investors (FIIs) offloaded equities worth Rs 2,427.74 crore on a net basis on Wednesday, according to exchange data. PTI DRR DRR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Mint
3 days ago
- Business
- Mint
Nagaraj Shetti suggests Bajaj Finserv, Tata Steel shares to buy in the short term; do you own?
Stock market today: Equity benchmark indices Sensex and Nifty 50 experienced a surge on Thursday, continuing their upward trend for the third consecutive day, fueled by optimism following a ceasefire between Iran and Israel. The 30-share BSE Sensex increased by 398.09 points, reaching 83,153.60 at 12:55 IST. The 50-share NSE Nifty 50 rose by 128.45 points to hit 25,372.05. According to market analysts, as geopolitical risks diminish, investors are now shifting their attention back to the US Federal Reserve and the upcoming US trade tariff deadline set for July 9. On technical front, Nagaraj Shetti of HDFC Securities believes the next upside levels to be watched around 25,600 and immediate support is placed at 25,250. Shetti recommends two stocks to buy in the short-term. Here's what he says about the overall market. Nifty 50 continued its upside momentum on Thursday and is currently showing minor volatility at the swing highs of around 25,400. The broader high low range of 24,500-25,200 has been taken out on the upside recently and Nifty 50 is currently trading at the highs. This price action could be considered as an upside breakout of broader high low range movement. The next upside levels to be watched around 25,600 and immediate support is placed at 25,250. Nagaraj Shetti of HDFC Securities recommends these two stocks to buy in the short-term - Bajaj Finserv Ltd, and Tata Steel Ltd. After showing a range bound action over the last few weeks, the stock price is currently in an attempt of decisive upside breakout of downside sloping trend line. The stock price is sustaining above the daily 10 & 20 period EMA. The overall chart pattern indicates bullish setup. After witnessing an upside breakout of the down sloping trend line at ₹ 154 recently, the metal stock has been in a sustainable upmove since then in the last couple of sessions. The current price action indicates a formation of bullish pattern like higher tops and bottoms. The volume and RSI shows positive indication for the near term. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
3 days ago
- Business
- Mint
Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 26 amid Israel-Iran ceasefire
The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Thursday, tracking mixed global market cues amid cautiousness over the fragile Israel-Iran ceasefire. The trends on Gift Nifty also indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 25,296 level, a premium of nearly 43 points from the Nifty futures' previous close. On Wednesday, the domestic equity market indices extended rally for the second consecutive session to end sharply higher, with the benchmark Nifty 50 closing above 25,200 level. The Sensex jumped 700.40 points, or 0.85%, to close at 82,755.51, while the Nifty 50 settled 200.40 points, or 0.80%, higher at 25,244.75. Here's what to expect from Nifty 50 and Bank Nifty today: Nifty 50 continued to move up on June 25 and closed the day with healthy gains of 200 points. 'A reasonable positive candle was formed on the daily chart on Wednesday, after the formation of a negative candle of the previous session. Technically, this market action indicates an attempt of bulls to recover the intraday losses of Tuesday. The Nifty 50 is on the way towards the decisive upside breakout of the broader high low range of 25,200 - 24,500 levels,' said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. Further sustainable upside from here could pull Nifty 50 towards the next upside target of 25,600 - 25,700 levels in the near term. Immediate support is placed at 25,000 levels, he added. Om Mehra, Technical Research Analyst, SAMCO Securities noted that the Nifty 50 holds above the 9-day and 20-day moving averages, with the latter placed near 25,000, acting as a near-term cushion. The daily Supertrend support trails, indicating ample buffers on the downside. 'The RSI is now hovering above the key 60-mark, showing improving momentum. Meanwhile, the MACD is on the verge of a bullish crossover. The India VIX declined sharply by 5% to 12.96, reducing near-term volatility concerns and creating a supportive outlook. If the index sustains above 25,200, the next potential stretch could be toward 25,330 – 25,410. On the downside, 25,100 - 25,000 now acts as immediate support,' Mehra said. According to Dr. Praveen Dwarakanath, Vice President of Nifty 50 formed a bullish candle near the upper Bollinger band, indicating strength in the index. 'The immediate resistance for the index is at 25,600 and then 26,200 levels and the support is now at 24,800 levels. The ADX DI+ line is sloping upside with the ADX average line, indicating momentum in the rally. The momentum indicators are sloping up, suggesting further momentum on the upside in the index,' said Dwarakanath. VLA Ambala, Co-Founder of Stock Market Today, expects the market to lean towards a buy-on-dip strategy, especially if the Nifty 50 index opens below 25,000 due to any macroeconomic triggers. 'Currently, we are in a bullish trend with no signs of reversal. So, for the remaining trading session in June, we could expect Nifty to gain support between 25,000 and 24,950 and face resistance near 25,300 for the rest of the June session,' Ambala said. Bank Nifty index gained 159.25 points, or 0.28%, to close at 56,621.15 on Wednesday, extending its rebound while respecting the rising channel boundaries. 'Bank Nifty formed a doji candle which remained enclosed inside previous session price range signaling consolidation amid stock specific action. Index in the process has retraced more than 80% of its recent breather (57,049 - 55,149). Momentum remains firmly positive above the 55,400 zone, which aligns with the recent consolidation base and the previous week's low, reinforcing it as a near-term pivot support,' said Bajaj Broking Market. Looking ahead, it expects the Bank Nifty index to retest the all-time high near 57,050, with potential extension towards the 57,600-mark in the coming weeks. 'The daily 14 period RSI remains in an uptrend, further validating the bullish structure. Key structural support is placed at the 54,500 – 54,000 zone, marked by the confluence of the 50-day EMA and key Fibonacci retracement levels, acting as a strong downside cushion,' said the brokerage firm. Om Mehra highlighted that the Bank Nifty index traded in a narrow band but managed to hold above its short-term moving averages. 'The 9-day and 20-day EMAs continue to act as support, while the 50-day is catching up from below. The setup reflects steady progress, though a stronger directional push is awaited. The RSI has climbed above 60, indicating momentum is gradually building after recent consolidation. The immediate hurdle is placed near the upper channel resistance around 57,000, while the support for the near term stands at 56,200,' Mehra said. A 'buy on dip' strategy would be the preferred approach for the upcoming session, he added. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
