Pre Market Updates: Wednesday October 3, 2018
- Rupee had ended at second lowest close ever.
- Crude oil prices touched a multi-year high.
- Crude oil is the biggest import item for India.
- Rise in crude price has been impacting inflation as well as the country’s current account, which is also increasing.
- This, along with a rising interest rate scenario in the US because of a growing economy, is leading to the weakness in the rupee, which in turn is prompting foreign funds to take money out of India.
- Traders feel Wednesday’s market could be very volatility
- Avoid temptation; wait for RBI roadmap before investing.
- Today Nifty likely to trade in the range of 11040 and 10880
Nifty50 Technical Analysis: Nifty50 formed a bullish candle on daily charts.
- Nifty PCR at 1.41 versus 1.33.
- Nifty Bank PCR at 1.08 versus 0.88.