With no major domestic macroeconomic data to be released this week, the equity market trend will be determined by global cues, pace of monsoon and the vaccination drive. The expiry of monthly derivatives contracts may add to volatility. The market is likely to continue in the consolidation phase for a short while.
Major cryptocurrencies including bitcoin have been trading in the red. Bitcoin is trading around its immediate support zones and analysts predict it to fall down till $30,000 in the coming days. Altcoins are also trading in the red as bitcoin dominance in the market has increased considerably since last month.
In the coming weeks, Nifty50 may move towards 16000/16200 levels while immediate support is intact at 15450 levels. On the technical chart, the Nifty index is still looking bullish for the long term as it has formed a Hammer candlestick pattern on the daily chart, which indicates a further upward move in the counter.
The Mumbai wing of NCB recently sought details from WazirX about an alleged drug dealer on its platform, but the cryptocurrency exchange said on Friday that the accused was not a WazirX user. On Tuesday, the NCB arrested Makarand Pardeep Adivirkar, aka Cryptoking, in Mumbai for allegedly using bitcoin to purchase LSD on the Dark Web in November.
Value investor Vijay Kedia asked investors to be careful in good times as more than 4,000 out of 5,000 stocks fit in the category of being "Bhangar Cap". PMS fund manager Shankar Sharma said investors must always insist on knowing how much money the PMS fund manager has made himself in his personal investing career. He also said PMS fund managers who do not charge performance fees should be avoided at
Investors’ strong appetite for initial public offerings continued with the share sales of Dodla Dairy and Krishna Institute of Medical Sciences sailing through. The 520-crore IPO of Dodla was subscribed 45.6 times and Krishna’s 2,144-crore issue got bids for 3.9 times the shares available for sale on Friday.
The market is a sentimental beast. It swings from extreme pessimism to unbridled optimism and in that process, it tends to distort valuations. There are many stocks that are up 1000 percent since the end of last fiscal. The fundamentals of most of the stocks do not match with their market prices and there is likelihood of bubble burst soon.
Buy Oil India near 148, Stop loss 144, Target 156: The stock continued its consistent up move, intraday decline found support near 145. Positive follow-up through could unwind further upside potential.
Buy Berger Paints near 825, Stop loss 810, Target 855. With sustained
SEBI has restrained PNB Housing Finance from going ahead with shareholders' voting on the proposed Rs.4,000 crore-deal with Carlyle group and directed the company to carry out the valuation process as per the relevant legal provisions. It has said the deal is ultra-vires" of the company's Articles of Association.
The virtual performance for which Raftaar accepted cryptocurrency is scheduled for the second week of July. The boutique 60-minute event will be hosted in Canada, Ottawa for a private gathering of 100 people. Raftaar has always been an admirer of blockchain technology and finally taken an initiative.
Goldman Sachs has begun trading bitcoin futures with cryptocurrency merchant bank Galaxy Digital. The addition of Galaxy as a liquidity provider follows Goldman Sachs' successful execution of its first cryptocurrency trades and formalized set-up of its bitcoin desk last week.
Michael Burry, who is best known for shorting the 2007 mortgage bond market, warned retail investors of losses worth "the size of countries" if prices of cryptocurrencies and meme stocks decline. In a series of tweets on June 17, which have since been deleted, Burry cautioned traders about the "mother of all crashes".
India’s foreign exchange reserves for the first time crossed the US$ 600bn mark earlier this month and stood at an all-time high of $605billion on June 4. This higher amount of reserve has generated considerable excitement in the financial circles. The trending topic these days is whether we need such a large reserve; and how do we use this effectively and productively.
The Indian market snapped its four-week winning streak to close in the red on June 18. The market closed lower in three of five trading sessions of the week, largely weighed down by weak global cues. Around Rs.4 lakh crore of investor wealth lost during the week. 15 stocks in BSE 500 index fell 10-20 percent during the week.
Technology stocks are back on investors’ shopping lists once again, regardless of their valuations. The resilience underscores the conviction among fund managers with long-term time horizons that the prospects for tech’s growth stocks remain bright as the re-opening of the U.S. economy continues to gain steam.