Morning Market Insight Report – 10 Mar 2021

Bank Nifty Intraday Outlook

In yesterday’s trading session, Bank Nifty gained 0.14%, with PSU gaining 1.60% and Private Banks losing 0.09%.

We expect intraday range could be 35,451 to 36,366 with sideways to positive momentum & broader range could be expected between 35,173 to 36,649 zone for this week.

Nifty Intraday Outlook

In yesterday’s trading session, Nifty witnessed a steep fall for the second consecutive trading session.

We expect intraday range could be 14,892-15,348 with sideways to positive momentum while broader range could be 14,717 to 15,483.

Short and Long term moving averages

Daily market statistics

Major global & domestic economic events

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Crude Oil Rises as OPEC Kept April Output Quota Unchanged Against the Expectations of Ease in Output Cuts

In the previous week, all base metals including Aluminum (-1.5%), Copper (-4.2%), Lead (-4.4%) and Zinc (-2.9%) closed in red, snapping its three weeks’ winning streak, with bears taking over the control of commodities’ market. Iron ore stood out of the pack, gaining by 2.6% during the week. Precious metals, gold and silver also kept retreating during the whole week, losing 3.9% and 5% respectively.

Gold and silver have been experiencing a bloodbath since the announcement of Union Budget 2021. Both the precious metals has been continuously witnessing a selling pressure, weighed by the growth outlook, which is becoming optimistic for the global economy. Alongside, with the interest rate also getting stagnant, investors have started exiting their positions in bullion markets and are diversifying their investments in better opportunities, which has triggered a fall in the bullion prices.

International Crude oil prices rallied last week, after OPEC and its allies ignored India’s plea to ease production control, with Saudi Arabia asking New Delhi to instead use oil it bought at cheap rates last year. OPEC plus nations agreed to keep output quota unchanged in April, when the market was expecting some ease in output cuts of around 1.5 MB per day. Crude oil prices are expected to trade in sideways to positive trend in the current week. However, the traders needs to keep an eye on the crude oil inventories data, which will be released on 10th March.

For the current week, we expect gold and silver to trade in sideways to negative momentum, as the Federal Reserve Chairman, Jerome Powell failed to reassure investors that central bank policymakers would keep surging bond yields and inflation expectations under control. Along with this, the investors also need to keep a watch on some important economic data such as Europe’s and UK’s GDP, Europe’s PPI and US’ PPI.

For the week, we expect gold in COMEX market to be in the range of $1,603 to $1,750, while silver is expected to be in the range of $24.7 to $27.1. Whereas, for bullion market traders, we assume gold futures to trade in the range of 43,268 – 42,997 to 46,876 – 47,012.

Page 8, NavGujarat Samay, 9 March’21

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