Market Update: The market is trading in a tight range of around 20 points on the Nifty. Traders prefer to await Karnataka elections results before taking any big positions as exit polls announced on Saturday indicated hung assembly.
The 30-share BSE Sensex was up 61.10 points at 35,596.89 and the 50-share NSE Nifty rose 17.90 points to 10,824.40.
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All sectoral indices are in the green barring Auto and IT.
HDFC twin, ITC continues to support the market while ICICI Bank, Infosys, TCS, Tata Motors are under pressure
Canara Bank rebounds sharply from opening lows despite it posted a loss of Rs 4,860 cr in March quarter due to a spike in provisions and NPAs.
Rupee Update: The rupee strengthened by 9 paise to 67.24 against the dollar on fresh selling of the US currency by exporters and banks amid a higher opening in the domestic equity market.
Forex dealers attributed the rise in the rupee to the weakness of the dollar against other currencies overseas.
However, industrial output growing by 4.4 percent in March, the slowest in five months, capped the rupee gains, they added.
On Friday, the rupee had settled almost flat at 67.33 against the US currency in highly volatile trade amid weak dollar cues.
Market Outlook: Shubham Agarwal, CEO & Head of Research at Quantsapp Private Limited said positive momentum in the market continues with the Nifty inching higher by 1.7 percent week-on-week. Bank Nifty outperforms Nifty, gaining 2.72 percent on a weekly basis.
Nifty May series option data suggests the highest congestion placed at 11,000CE, with open interest (OI) of 59 lakh shares, and 10,500PE, with OI of 63 lakh shares, indicating a broader trading band with a faraway resistance and closer interim support base.
With state elections around the corner, intra-week volatility was seen in the market. On a weekly basis, Put accumulation of over 15 lakh shares was witnessed in 10,700 to 10,500 strikes indicating strong base formation.
Short covering in 10,700 and 10,800 strikes provided a momentum boost to the market. On an immediate basis, major resistance remains at 11,000.
Based on exit polls, indecisiveness in the market should remain till the results are declared. This should get reflected with VIX in the 13-15 percent range.
Benchmark indices started off the week on the quiet note after Karnataka exit polls that indicated hung assembly. Investors prefer to wait for Karnataka elections results due on Tuesday.
The 30-share BSE Sensex was up 31.27 points at 35,567.06 and the 50-share NSE Nifty rose 12 points to 10,818.50.
Canara Bank rebounds sharply from opening lows despite it posted a loss of Rs 4,860 cr in March quarter due to a spike in provisions and NPAs.
Rupee Update: The rupee strengthened by 9 paise to 67.24 against the dollar on fresh selling of the US currency by exporters and banks amid a higher opening in the domestic equity market.
Forex dealers attributed the rise in the rupee to the weakness of the dollar against other currencies overseas.
However, industrial output growing by 4.4 percent in March, the slowest in five months, capped the rupee gains, they added.
On Friday, the rupee had settled almost flat at 67.33 against the US currency in highly volatile trade amid weak dollar cues.
Market Outlook: Shubham Agarwal, CEO & Head of Research at Quantsapp Private Limited said positive momentum in the market continues with the Nifty inching higher by 1.7 percent week-on-week. Bank Nifty outperforms Nifty, gaining 2.72 percent on a weekly basis.
Nifty May series option data suggests the highest congestion placed at 11,000CE, with open interest (OI) of 59 lakh shares, and 10,500PE, with OI of 63 lakh shares, indicating a broader trading band with a faraway resistance and closer interim support base.
With state elections around the corner, intra-week volatility was seen in the market. On a weekly basis, Put accumulation of over 15 lakh shares was witnessed in 10,700 to 10,500 strikes indicating strong base formation.
Short covering in 10,700 and 10,800 strikes provided a momentum boost to the market. On an immediate basis, major resistance remains at 11,000.
Based on exit polls, indecisiveness in the market should remain till the results are declared. This should get reflected with VIX in the 13-15 percent range.
Benchmark indices started off the week on the quiet note after Karnataka exit polls that indicated hung assembly. Investors prefer to wait for Karnataka elections results due on Tuesday.
The 30-share BSE Sensex was up 31.27 points at 35,567.06 and the 50-share NSE Nifty rose 12 points to 10,818.50.
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HPCL, BPCL, IOC, Sun Pharma, HUL, Titan Company, Hero Motocorp and HDFC were early gainers.
Tata Steel, Infosys, SBI, HCL Technologies, Coal India and Asian Paints were losers in early trade.
Tata Global Beverages, Allahabad Bank, and UCO Bank fell up to 4 percent.
Allcargo Logistics, Patel Integrated, Gati, VST Tillers, Sun TV, Gujarat Gas and Canara Bank rallied up to 7 percent.
Tata Steel, Infosys, SBI, HCL Technologies, Coal India and Asian Paints were losers in early trade.
Tata Global Beverages, Allahabad Bank, and UCO Bank fell up to 4 percent.
Allcargo Logistics, Patel Integrated, Gati, VST Tillers, Sun TV, Gujarat Gas and Canara Bank rallied up to 7 percent.
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