Indian Stock Market Tips Today by Ripples Advisory – 31st July 2018
Nifty Hits Fresh Record High And May Continue The Upward Momentum
The Indian Benchmark Index Nifty hits a fresh record high and may continue upward momentum. The Nifty Index rose 41 points or 0.37% to close at 11319 after making a record high of 11328. FII & PRO has created a buy position in Index Option in August expiry by 86364 contracts, this suggests the market will continue its uptrend.
The Cash market benchmark Index Small Cap was up 35 points and closed at 7438. The Index is heading towards it 4 week high of 7492 above which next weekly level is 7634.
The Reserve Bank of India's (RBI)'s Monetary Policy Committee (MPC) will meet on 31 July and 1 August 2018 for the third bi-monthly monetary policy statement for 2018-2019. The resolution of the MPC will be unveiled at 14:30 IST on 1 August 2018. RBI raised its benchmark policy repo rate by 0.25% to 6.25% in its second bi-monthly monetary policy for 2018-2019 on 6 June 2018 also the Federal Reserve's Federal Open Market Committee will embark on its two-day meeting on Tuesday, with the central bank expected to announce its decision during Wednesday, 1 August 2018.
Banks-Private and PSU and Fertilizer continued its uptrend and were up by 2.50% and 2.08% respectively. The entire sector was up except Realty and IT which were down by 0.05% and 0.51%.
Nifty is opening gap down by 10 points from previous day close of 11338. Currently, Nifty trading at 11328 as per SGX Nifty.
The US 10 Year T-Note is trading at 119.41. The Bond has broken its important low of 120.03 on 28th Feb 2018. The next support level is at 117.69 which is the low of Jan 2011. The US Dollar Index is trading at 94.19.
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