Blogs
Global Market – Gold, ECB Meeting & U.S. Fed – Powell ‘s testimony
This week we will focus on ECB meeting outcome, ECB kept interest rate unchanged and commentary is important to watch out for. U.S. Fed chair Jerome Powell testimony this week provided further cues on interest rate trajectory and we would be focus on gold which is currently trading at above $2150.
This week global market including Indian market is trading at fresh 52-week high and momentum likely to see positive triggers in coming weeks. Next U.S. Fed meeting is scheduled on 20-Mar-24 and incoming jobs & inflation data likely to be provide much needed cues ahead of next US FOMC meeting.
9-Mar-24 Technical & Fundamental Insight
Last week – review
Technical trend turned positive and expected indices to test higher level in 4-day trading week. Banknifty outperformed this week as ICICIBANK, AXISBANK & SBIN lead the Banknifty rally. Mid-cap & Small-cap under performed as Small-cap index closed the week with cut of 2%.
We have maintained our exposure around 65% – 75% and would prefer to increase deployment gradually with stock specific approach. Market continues its uptrend and momentum could get strong if it is supported by action of central banks which could lead to short covering rally ahead of financial year end.
Global Market – Gold, Cryptocurrency & U.S. Govt averts shutdown
Last week, we have discussed how global market continues to trade at recent high on hope of interest rate peaked out and hope of economic stability. This week we will focus on Gold which has now trading around $2050 & BITCOIN which is now above $60000 almost after two years. We will also discuss China’s continues effort to boost economy.
This week’s news focus on another round of stimulus from China, US Congress deal to avert shutdown can been seen as another round of expansion. We remain cautious on Japan ‘s change in monitory policy which was -0.10 interest rate since 2016. Japanese currency official warning against unstable FX at G-20 needs to see with cautious.