A long bull candle was formed on the daily chart, after the doji type candle formation on Wednesday. Technically, this market action indicates emergence of buying
MMTC closed at Rs. 68.31 after surging 4.80% in a single session with exceptionally strong volume of more than 4.57 crore shares.
For the coming session, 54,000–53,900 remains the immediate support zone. As long as the index holds above this area, short-covering could extend the recovery
Breakout stock for 5 June – The company is a Mini-Ratna Category-I PSU of GoIa and was set up in September 1964 for regulating export of ferrous scrap from India.
The USD/INR pair continues to maintain a constructive bias after closing at 95.8825, extending its recovery from the recent low near 94.65.
Coal India closed at Rs. 481.65 after gaining 1.98% and continues to trade in a strong bullish structure. The stock is trading above all major moving averages and remains close to its 52-week high of Rs. 491.25.
WTI crude oil is trading near $95.18 per barrel after a sharp rally triggered by escalating tensions between the US and Iran.
Gift Nifty is trading near 23,318, indicating a mildly negative opening for Indian markets today. Renewed US-Iran tensions, rising inflation concerns and weakness across Asian markets are keeping investors cautious
Bagadia believes the market is showing signs of bottom fishing near support zones, but a decisive breakout above resistance levels will be required to confirm.
Nifty closed at 23,405.60 and remains under persistent selling pressure after losing key moving-average supports.
