A morning walk down Dalal Street | Nifty could either breakout above 12,103 or see selling pressure towards 11,800-11,700
Episode 1401, Jul 05, 2019, 01:30 AM
Economic Survey failed to create the buzz ahead of the Budget 2019 as traders prefer to remain on sidelines before taking any directional bets.
The S&P BSE Sensex rose 68 points while the Nifty50 held on to 11900 levels. The final tally on D-Street – Sensex rose 68 points to 39,908 while Nifty closed 30 points higher at 11,946.
Buying was seen in sectors like PSU banks, irrigation, FMCG, sugar and select fertiliser stocks on optimism ahead of Budget.
The index is likely to face stiff resistance around 12,000-12,100 but a pro-growth Budget could lead to a breakout on an intraday basis. Investors are advised to hedge their positions and use dips to buy as strong support is seen at 11,800.
The Indian rupee on Thursday furthered its gains by another 39 paise to 68.50 a US dollar, tracking firmer emerging market currencies, lower crude oil prices, even as participants keenly awaited the Union Budget to be unveiled on Friday.