Stock markets in the United States surged again On Wednesday. Dow Jones gained 1.34% while NASDAQ jumped 3.85%.
With interest rates low, dividend yield stocks have now scaled to the level of fixed income assets.
Equity markets across the globe are jubilant even though the US Presidential election has so far not indicated a clear winner. Sensex and Nifty enter Thursday’s trading session on the back of a three day gaining streak as they recouped almost all losses recorded in the second half of October. “Nifty is now entering a crucial resistance zone of around 11900-11950 levels and is now facing a hurdle at the downsloping minor trend line. Hence, there is a possibility of consolidation or minor profit booking from around 11925-11950 levels in the next session,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Global Watch: Stock markets in the United States surged again On Wednesday. Dow Jones gained 1.34% while NASDAQ jumped 3.85%. Asian equity markets too were buoyant on Thursday morning. Hang Seng was up over 2%. Nikkei 225, TOPIX, KOSDAQ, and KOSPI were all trading with gains.
Call and Put option data: Maximum call open interest (OI) was placed at 12,000 strike with 18.37 lakh contracts, followed by 12,500 strike with 15.18 lakh contracts. On the other hand, 11,000 strike has the most Put OI with 25.56 lakh contracts. 11,500 has 22.32 lakh contracts.
Support and resistance levels: Currently, technical analysts see immediate resistance for Nifty placed in the range of 11,950-12,050 while support for the index is in the range of 11,750-11,800.
FII and DII data: On Wednesday, Foreign Institutional Investors were net buyers of merely Rs 146 crore worth securities. Domestic Institutional Investors were sellers of Rs 8 crore worth of equities.
US Presidential Elections: The race to White House is still going on with Joe Biden leading so far but Donald Trump is not out. None of the candidates has bagged the 270 electoral college votes that they need to win. Joe Biden won Michigan and Wisconsin and flipped the race in his favour as absentee votes were counted.