Market remains Positive
The Wall Street trading focus shifts with concerns over a potential U.S. interest-rate cut following a weak jobs report. John C. Williams' Fed remarks add to speculation
Sensex up 328 points, metal and energy stocks lead the rally
Mumbai, May 7: The Wall Street trading focus shifts with concerns over a potential U.S. interest-rate cut following a weak jobs report. John C. Williams' Fed remarks add to speculation.
“Alongside bullish sentiments on select stocks and a specific buy call for DEEPAK NITRITE with outlined targets and rationale,” says Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
On Monday, benchmark indices showed narrow but volatile activity in the stock market. The Sensex was up by 17 points. Among the sectors, the PSU Bank index declined the most by 3.7%, while the Realty index gained over 2.5%.
From a technical perspective, there was profit booking at higher levels in the benchmark indices after a gap. On the daily chart, the index has formed a bearish candle, and on the intraday chart, it maintains a lower top formation, which is a negative signal.
“We believe that as long as the market is trading below 74,400 the chances of hitting 73,500 would remain high. On the other hand, if the market crosses 74,400 the market may bounce towards 74700-7500,” says Shrikant Chouhan, Head Equity Research, Kotak Securities.