The market ended with strong gains on Thursday, supported by easing crude oil prices and positive news on the US-China trade war front. Banks and metal shares were in demand. The Nifty ended above 11,550 mark. After a gap-up opening, the Nifty hit its intraday high of 11,610 in morning trade. The index failed to hold 11,600 mark and it pared gains in afternoon trade. It firmed up once again in mid-afternoon trade and settled near the day’s high.
Global Markets: SoftBank Group Corp is planning to pump an extra $1 billion or more into WeWork by renegotiating a warrant agreement struck before falling valuations delayed the U.S. office-sharing startup’s IPO. Positive noises from China on U.S. trade talks lifted European stocks on Thursday and snuffed out a modest rally in safe-haven assets that had dominated in Asia.European STOXX 600 index (STOXX) rise 0.5%.
Nifty Chart:
Nifty50 index closed at 11571.20 Nifty closed above 200/50/20 MA on daily and weekly chart. On Wednesday and Thursday Nifty sustained above its support 100 Day Moving average at 11413 and closed above Wednesday’s high. We recommend Buy Nifty above 11571.20 for target 11620, 11650 and 11700 with strict stoploss below 11500.
