Despite the US-Iran deal, the Indian market is lacking bullishness today. Nifty opened 12 points lower at 24,073 and Sensex opened 24 points lower at 77,131. Asian markets are trading in the green due to the US-Iran deal; Japan’s Nikkei is up about 1.75% and Korea’s Kospi is up 1.5%. It is worth noting that the Indian market has been bullish for the last four sessions; Yesterday Nifty closed 96 points higher at 24,085 and Sensex closed 347 points higher at 77,155. Meanwhile, crude oil prices have fallen to $78. Rupee opened weak today and fell by 13 paise to 94.66 against the dollar. Good news for foreign investors: FIIs bought shares worth ₹101 crore in the cash market yesterday, while DIIs bought shares worth ₹1,561 crore.
Highlights of US-Iran deal:
US and Iran have agreed to end hostilities on all fronts.
The final agreement on the nuclear program will be reached in 60 days.
US will lift the blockade in 30 days and withdraw the army.
Iran will ensure safe and unhindered movement of ships in the Strait of Hormuz.
US will create $300 billion fund for Iran’s development.
US is ready to lift the sanctions imposed on Iran.
Iran will not make nuclear weapons.
US will give Iran concessions in oil exports and banking.
Iran’s fixed assets and funds will be freed.
The war is over, is the beginning of the bull market? The deal that is finally being made is a matter of great relief.
This is a beneficial deal for both parties.
Despite the deal, there is no much movement in GIFT Nifty.
This news may increase profits. However, the biggest negative is now over.
As a result, there is no longer any major downside risk for the market.
FII selling has also stopped.
Crude oil prices have come down.
The rupee has also improved.
There is no major reason left for the decline now.
Now there is only one risk left – Trump saying or doing something unexpected.
This is now a ‘buy-on-dips’ market.
Buy at key support levels.
Or else, wait for the breakout.
Nifty will show bullish momentum after crossing the level of 24,125 and Bank Nifty going above 57,800.
Nifty is currently at the ‘make-or-break’ level.
Nifty still has to fill the gap at 24,126 (8th and 11th May).
Yesterday, it filled the intraday gap by touching an all-time high of 24,108.
Once it closes above 24,125, it will fill that gap as well.
The 100-day moving average (DMA) of Nifty is at 24,239.
Thus, the range of 24,125–24,250 acts as the last hurdle for Nifty.
A close above 24,250 would start a new, significant uptrend.
Today it will be decided whether Nifty will rise or it will stop.
Focus on TMPV, Vedanta Aluminum and Thyrocare today; Anil Singhvi has given information about the target.
The Fed kept interest rates stable.
The Federal Reserve met yesterday and new Chairman Kevin Worsh decided to keep interest rates unchanged this time. The Fed has adopted a dovish stance. A possible rate increase later this year is also being discussed. Additionally, the Fed has revised its inflation forecast upward.
Where is the support for Nifty?
HDFC Securities Technical Research Analyst Nagaraj Shetty said that the short-term trend of Nifty looks positive. If Nifty closes above 24,100, it is likely to move towards 24,500. There is immediate support at 23,900. Nandish Shah, deputy vice president at the brokerage firm, said the Nifty is up more than 1,000 points from its recent low.