Gold and Silver Under Pressure Due To Higher Treasury Yields

During the previous week in the COMEX market, prices of all the base metals such as Aluminum, Copper, Iron Ore, Lead and zinc rallied for the second week in a row as the bull sentiment remained intact in the commodity markets. As for precious metals Gold and Silver are concerned, both experienced a hit during the week, with Gold and silver losing 2.4% and 0.4% respectively, closing the week at $1,773.75 and $26.95 respectively.

Gold price touched 8 months low last week, weighed by the rise in US treasury yields and a strong dollar, and the Covid-19 vaccination drive. In the Indian markets, the fall in global rates and import duty cut in Budget has pushed gold prices lower. The investors’ appetite for riskier assets seems to have increased, due to which, they are moving towards more risky asset classes such as equities. Physical gold demand in the country has increased during the past week, due to fall in the prices.

Crude oil dipped during the last week, despite a sharp fall in US crude inventories, as the selling pressure weighed on the prices due to profit booking. Expectations of higher OPEC production, due to which, the supply is expected to increase, has also pressured the oil prices.

For the current week, gold and silver prices in global and domestic markets are expected to be highly volatile as the possibility of lockdown in some states of the country may weigh on the equity markets, which might make investors incline towards safe haven asset classes such as precious metals. However, the investors also need to look after some important economic data such as Fed Chair Powell’s Testification, US oil inventories and US Prelim GDP numbers. For the week, we expect gold in COMEX market to be in the range of $1,850 to $1,700, while silver is expected to be in the range of $26.0 to $27.9. Whereas, for bullion market traders, we assume gold futures to trade in the range of 44,879 to 48,174.

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Morning Market Insight Report – 19 Feb 2021

Bank Nifty Intraday Outlook

In yesterday’s trading session, Bank Nifty lost 0.88%, with PSU Banks gaining 5.60% and Private Banks losing 1.13%.

We expect intraday range could be 36,042-37,087 with sideways to positive momentum & broader range could be expected between 35,746 to 37,382 zone for this week.

Nifty Intraday Outlook

In yesterday’s trading session, Nifty closed in red during a highly volatile session, even after recovering marginally in the end of the session.

We expect intraday range could be 14,914-15,369 with sideways to negative momentum while broader range could be 14,766 to 15,512.

Short and Long term moving averages

Daily market statistics

Major global & domestic economic events

Results Calendar

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Morning Market Insight Report – 3 Feb 2021

Bank Nifty Intraday Outlook

In Tuesday’s trading session, Bank Nifty rose 3.56%, with PSU Banks gaining 3.47% and Private Banks gaining 3.04%.

We expect intraday range could be 33,672-34,966 with sideways to negative momentum & broader range could be expected between 33,368 to 35,254 zone for this week.

Nifty Intraday Outlook

In yesterday’s trading session, Nifty closed in green for second consecutive trading session, after a bold budget presented by the Finance Minister.

Investors are now optimistic that the Indian economy will now revive after the stimulus infused by the government.

We expect intraday range could be 14,351-14,943 with sideways to negative momentum while broader range could be 14,199 to 15,098.

Short and Long term moving averages

Daily Market Statistics

Major global & domestic economic events

Results Calendar

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Trading Holidays 2021

Trading Holidays for the Calendar Year 2021 for announced by BSE
List to holidays for NSE and BSE.

Holidays
DateDay
Republic DayJanuary 26,2021Tuesday
MahashivratriMarch 11,2021Thursday
HoliMarch 29,2021Monday
Good FridayApril 02,2021Friday
Dr.Baba Saheb Ambedkar JayantiApril 14,2021Wednesday
Ram NavamiApril 21,2021Wednesday
Id-Ul-Fitr (Ramzan Id)May 13,2021Thursday
Bakri IdJuly 21,2021Wednesday
MuharramAugust 19,2021Thursday
Ganesh ChaturthiSeptember 10,2021Friday
DussehraOctober 15,2021Friday
Diwali * Laxmi PujanNovember 04,2021Thursday
Diwali BalipratipadaNovember 05,2021Friday
Gurunanak JayantiNovember 19,2021Friday

Following Trading Holidays are Falling on Saturday / Sunday

Holidays
Date Day
Mahavir Jayanti April 25,2021 Sunday
Maharashtra Day May 01,2021 Saturday
Independence Day August 15,2021 Sunday
Mahatma Gandhi Jayanti October 02,2021 Saturday
Christmas December 25,2021 Saturday

MCX Trading Holidays for the Calendar Year 2021

Particulars Date Day Morning
session
Evening
session
New Year Day 01-Jan-21 Friday Open Closed
Republic Day 26-Jan-21 Tuesday Closed Closed
Mahashivratri 11-Mar-21 Thursday Closed Open
Holi (2nd day) 29-Mar-21 Monday Closed Open
Good Friday 02-Apr-21 Friday Closed Closed
Ambedkar Jayanti 14-Apr-21 Wednesday Closed Open
Ram Navmi 21-Apr-21 Wednesday Closed Open
Ramzan ID (Id-UlFitr) 13-May-21 Thursday Closed Open
Bakri Id 21-Jul-21 Wednesday Closed Open
Moharram 19-Aug-21 Thursday Closed Open
Ganesh Chaturthi 10-Sep-21 Friday Closed Open
Dassera 15-Oct-21 Friday Closed Open
Diwali – Laxmi Pujan 04-Nov-21 Thursday Closed Open*
Diwali – Balipratipada 05-Nov-21 Friday Closed Open
Guru Nanak Jayanti 19-Nov-21 Friday Closed Open

* Timings for the Muhurat trading shall be notified by the Exchange subsequently.

* Investments in securities market are subject to market risks; Read all the related documents carefully before investing.