Trade setup for Monday, 10 May, Morning Updates

May 10, 2021May 10, 2021 admin

Indian stock markets are trading higher, Metals, Real Estate and Healthcare sectors are in focus

Monday Morning Trade Setup: It was a positive start for the Indian stock market today as indicated by the other Asian market peers. Nifty opened at 14928.25 levels, made a positive opening of 105.1 points while Sensex opened at 49496.05, up by 289.58 points from the previous close. The Bank Nifty on the spot price made a positive opening of 270.8 points at 33175.30 levels.

At 10 am IST, Sensex and Nifty are trading higher by 0.47 percent and 0.51 percent respectively. The Bank Nifty on the spot price is up by 0.47 percent.

Dr. Reddy, Coal India, and Divis Lab are trading as the top gainers in the Nifty 50 index whereas Ultratech, Infosys, and Shree Cement are trading as the top losers. The most active stocks at this moment in the Nifty 50 index are Tata Steel, Dr. Reddy’s Lab, and JSW Steel.

On a sectoral basis, all major sectors are trading higher in the NSE. The sectors that are supporting the market to trade higher are Metals, Healthcare, Real Estate, and Capital Goods.

Trade set up for Monday 10 May

Good morning and welcome to the morning trade setup for Monday, 10 May at 7.40 am IST

Asian markets are mostly trading in the green on Monday morning. Nikkei and Hang Seng are trading higher by 0.90 percent and 0.57 percent respectively. Shanghai is trading almost flat. SGX Nifty is up by 121 points at this moment. The indication getting from other Asian market peers is positive for the Indian stock market today.

The lackluster monthly job data pushed the technology and other growth-oriented shares in the US on Friday. The US market indexes Dow and S&P 500 gained 0.64 percent and 0.74 percent respectively while Nasdaq was up by 0.88 percent on Friday.

European markets closed higher on Friday due to positive economic data and upbeat corporate earnings and on the hopes of a swift economic recovery from the Coronavirus pandemic. The European market indices FTSE and CAC closed higher by 0.76 percent and 0.45 percent respectively while DAX gained 1.34 percent on Friday.

Indian stock markets closed higher on the last day of the week on 7 May due to positive global market cues. The key benchmark indices Sensex and Nifty gained 0.52 percent and 0.67 percent respectively on Friday. FIIs were the seller and DIIs were the buyers in the cash market segment. FIIs sold Rs 1142.75 crores whereas DIIs bought Rs 1468.08 crores in the cash market on Friday.

Trade setup for 10 May

News that may impact the trade setup for Monday, 10 May

As the RBI data showed on Friday, India’s foreign exchange reserves increased by $3.913 billion to reach $588.02 billion in the week ended April 30, 2021. In the previous week ended April 23, the reserves had risen by $1.701 billion to $584.107 billion.

According to the preliminary data of the commerce ministry, the country’s exports grew by 80 percent to $7.04 billion during the first week of May. Exports during the same period last year stood at $ 3.91 billion and $6.48 billion in the same week of May 2019.

Imports also rose by 8.7 percent to $8.86 billion during the same period this year as against $4.91 billion in the same period last year and $10.39 billion in 2019.

The United States has a long way to go to recover from the coronavirus pandemic and last week’s lower than expected monthly job data were a reflection of that, said Commerce Secretary Gina Raimondo on Sunday 9 May.

Today’s quarterly results- Chambal Fertilisers & Chemicals, Escorts Finance, HFCL, JMC Projects, One sources Ideas Venture, Paushak, Venky’s (India), Zydus Wellness, etc

You can visit again to read more updates on today’s market and trade setup for Monday after the market gets open.

Nifty 50 and Bank Nifty Futures Trend for (10-14 May)

Happy Investing !!

Editor’s Desk