Nifty & Bank Nifty Calls for Today are based
on technical & fundamental analysis
of Indian Equity Market, Economy &
also is influenced by trends of
Asian markets today and
also US market last light.

For Thursday 6 May 2021,
Lets first study…..
Today’s Morning Trend at Asian Markets :

Asia-Pacific markets mostly rose in early trade Thursday as investors look ahead to the U.S. jobs report due later this week that may provide clues about how long the Fed will stay on hold.

Japanese markets returned to trade for the first time this week after being closed for public holidays. The benchmark Nikkei 225 jumped 1.33% while the Topix index was up 1.58% in early trade.

South Korea’s Kospi, which was also closed in the previous session, rose 0.24%.

Meanwhile, Australia’s ASX 200 slipped 0.1% as most sectors turned negative.

Thursday’s session in Asia-Pacific follows a mixed finish overnight on Wall Street where the Dow Jones Industrial Average ended at a new all-time closing high.

US Markets,last Night

U.S. stocks rebounded on Wednesday as strong earnings results and economic optimism pushed the major averages higher as the trading day went on.

The Dow Jones Industrial average was up 144 points, after trading into the red earlier in the day. The S&P 500 gained 0.5%, also making up earlier losses. The Nasdaq Composite gained 0.6% as chip stocks and other major tech companies rebounded.

General Motors shares climbed 3.4% in early trading after earnings blew past expectations. Activision Blizzard traded higher by 3% after strong results.

Commodity stocks jumped with the Energy Select Sector SPDR and the Materials Select Sector SPDR notching the biggest gains among sectors. Chevron, Dow and Caterpillar were the three biggest gainers in the Dow Jones Industrial Average. ConocoPhillips popped more than 5% thanks in part to an upgrade to buy from Bank of America.

Oil prices rose, with futures for the U.S. benchmark West Texas Intermediate topping $66 per barrel, after data from the American Petroleum Institute showed a sharp drawdown in U.S. oil inventory

The recent surge in commodities prices, including lumber and corn, is increasing inflation expectations and making cyclical stocks more attractive, said Andrew Smith, the chief investment strategist at Delos Capital Advisors in Dallas.

“We’ve seen inflation beneficiaries shoot through the roof … That’s going to lead real rates higher and that’s going to be the source for those cyclical trades to continue to work,” Smith said.

Exercise equipment maker Peloton fell 9% after announcing a recall of its treadmill product due to safety concerns.

Private payrolls rose by 742,000 jobs in April, according to a Wednesday report from ADP. This result was below expectations of 800,000 jobs from economists surveyed by Dow Jones. ADP did revise its March report upward by 48,000 jobs.

Projection about  Indian Market :

The market  on Wednesday showed  strong upmove. Yesterday night US market showed some strength and Asian markets are showing positive mood today morning. Corona Cases are showing strong rise . The Indian market on Thursday is expected to open in Green , however correction in later part is not ruled out. .Long positions must be ketot in check

Nifty & Bank Nifty Calls  by Mr. Deepak Jasani,
Head of Retail Research, HDFC Securities

India benchmark equity indices rose on May 05 after the RBI announced measures to further support the economy as coronavirus cases continue to surge. A late surge in the markets post 1415 Hrs led the indices higher. At close the NSE Nifty 50 rose 0.84% or 121 points to 14618.

Volumes on the NSE were in line with recent averages. Among sectors, Healthcare, Banks and Metals were the main gainers while Realty was the loser.

Global shares edged up on Wednesday as U.S. stock futures steadied after a pullback in tech favourites while European markets were buoyed by accelerating business activity and positive earnings. MSCI’s broadest index of Asia-Pacific shares ex-Japan sank 0.4% for its fourth consecutive day of losses, although Asian trading was thin due to holidays in Japan, China and South Korea.

Euro zone business activity accelerated in April as the bloc’s dominant services industry shrugged off renewed lockdowns and returned to growth. IHS Markit’s final composite Purchasing Managers’ Index (PMI), climbed to 53.8 last month from March’s 53.2. A PMI for the service industry rose to 50.5 from 49.6, pipping the flash 50.3 estimate. The composite input prices index jumped to 64.0 from 61.9, its highest in 10 years.

S&P Global Ratings on Wednesday slashed India’s GDP growth forecast for the current financial year to 9.8 per cent saying the second COVID wave may derail the budding recovery in the economy and credit conditions. It in March had a 11 per cent GDP growth forecast for India for the April 2021-March 2022 fiscal on account of a fast economic reopening and fiscal stimulus.

A gauge of India’s services sector fell to the lowest in three months, but remained in the expansion zone and above the long-run average. The India Services Business Activity Index, compiled by IHS Markit, stood at 54 in April compared with 54.6 in March 2021. The Composite PMI Output Index, too, dropped to 55.4 from 56 in March.

Nifty formed an inside day on May 05, meaning that the high low range for the day was within the high low range of the previous day. However the Nifty closed near its intra day high. Advance decline ratio too became positive. 14461-14723 continues to be the range for the Nifty in the near term. In case we do not see a negative day tomorrow, then we may have seen a near term bottom at 14416 on May 03.

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