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Stock Market Today | US Markets Closed for Labor Day, Yields and Dollar Steady

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Synopsis:

US markets remained closed for Labor Day. The 10-year yield held at 3.925%, with the 2-year at 3.939%. The dollar index steadied at 101.74. Asian stocks gained, driven by Japan, while the yen stabilised after a week of weakness.

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In-Depth Market Insights: Global Outlook, Derivatives & More

US Share Market News

  1. Performance Overview:

    • The US stock market was closed yesterday for the Labor Day holiday.

    • Asian stocks rose on Tuesday, with Japanese equities leading the gains, as the yen stabilized following a week of weakening against the dollar.

  2. Sector-Specific Movements:

    • Japan's Nikkei 225 rose by 0.18% in early trading, while the Topix gained 0.38%.

    • South Korea's Kospi rose by 0.17%, while the small-cap Kosdaq edged up by 0.02%.

    • The benchmark indices, Nifty and Sensex, closed on a positive note, reaching new record highs and extending their winning streak to 13 consecutive sessions. Although it formed a bearish candle, but closed at highs indicating profit booking happening at higher levels.

  3. Economic Indicators:

    • Hong Kong Hang Seng index futures were at 17,671, slightly below the HSI's previous close of 17,691.97.

Other Asset Classes

  1. Treasury Yields:

    • The US 10 year yield was little changed trading at to 3.925%, while the 2-year rate was trading at 3.939%.

  2. Currency:

    • The dollar index measures against major peers was trading at 101.74, little changed from the previous close.

  3. Commodities:

    • Brent crude futures were little changed trading at $77.17 a barrel while U.S. West Texas Intermediate crude was up 0.6%, to $73.98 a barrel.

    • U.S. gold futures settled lower at $2,526.

Asian Markets

  1. General Trends:

    • Asian stocks advanced Tuesday, led by Japanese equities, while the yen steadied after weakening against the dollar over the past week.

    • Japanese stocks rose alongside Hong Kong equity futures, while shares in Sydney were little changed. US contracts edged lower ahead of Wall Street reopening later Tuesday, following the Labor Day public holiday.

  2. Specific Index Performance:

    • Japan's Nikkei 225 was 0.18% up in early trade, while the Topix was 0.38% up.

    • South Korea's Kospi was 0.17% higher, and the small-cap Kosdaq inched up 0.02%.

    • In contrast, Australia's S&P/ASX 200 was down 0.39%.

    • Hong Kong Hang Seng index futures were at 17,671, lower than the HSI's last close of 17,691.97.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a flattish opening for the Indian markets. Nifty spot post a positive opening is likely to consolidate in the broad range of 25,150 -25,380.

  2. Market in Previous Session:

    • The benchmark indices, Nifty and Sensex, closed on a positive note, reaching new record highs and extending their winning streak to 13 consecutive sessions. Although it formed a bearish candle, but closed at highs indicating profit booking happening at higher levels.

    • Gains in FMCG and banking stocks boosted market sentiment despite a volatile session, while declines in metal and pharmaceutical stocks slightly dampened the overall mood.

    • At the close, the Sensex was up by 194.07 points, or 0.24%, to 82,559.84, while the Nifty was up by 37.40 points, or 0.15%, to 25,273.30.

    • Market sentiments weakened in the afternoon session, resulting in a mixed performance as broader market indices dropped by 0.1% and 0.5%, respectively. 

    • The volatility was high today as indicated by the India VIX, which surged over 5% to be just over the 14 levels.

  3. Nifty Short-Term Outlook:

    • Going ahead bias continues to remain positive We expect the index to extend the current up move towards 25,500 levels in the upcoming trading sessions.

    • The index continues to form a higher high-low on the daily chart, which makes us confident to revise the support base higher towards 24800-24,900 levels being the closest moving average i.e. 21 days EMA. We don't see any change in trend and believe dips if any towards the support area should be used as a buying opportunity.

  4. Intraday Levels:

    • Nifty: Intraday resistance is at 25,340 followed by 25,400 levels. Conversely, downside support is located at 25,150, followed by 25,080.

    • Bank Nifty: Intraday resistance is positioned at 51,620, followed by 51,800, while downside support is found at 51,200, followed by 51,080.

    • Fin Nifty: Intraday resistance is positioned at 23,860, followed by 24,000, while downside support is found at 23,485, followed by 23,400.

Derivative Market Analysis

  1. Nifty:

    • The highest call OI  is observed at the 26,000 level, which stands out as a key level to monitor. Additionally, significant call OI accumulation is noted at 25,300, likely to serve as an immediate resistance level.

    • On the other hand, major put OI is concentrated at the 25,000 level, which is expected to act as immediate support. If the price breaches and sustains below the 25,000 level, a loss of momentum could be anticipated.

    • Based on option chain analysis, the immediate range for Nifty is between 25,000 and 25,300. A breakout on either side of this range may trigger a further directional move.

    • Meanwhile, the put-call ratio for Nifty has declined by 0.23, now standing at 1.18.

  2. Bank Nifty:

    • The highest call OI addition has been observed at the 51,500 level, followed by 51,800, which is likely to act as an immediate resistance zone for Bank Nifty.

    • Meanwhile, significant put OI is concentrated at the 51,000 level, which is expected to serve as immediate support for the index.

    • The accumulation of both call and put OI at the 51,500 level suggests this is a key deciding level for the day.

    • According to option chain analysis, the immediate range for Bank Nifty is between 51,000 and 51,500. A breakout on either side of this range may trigger further directional movement.

    • The Bank Nifty put-call ratio has declined by 0.03 and is now positioned at 0.89.

Stay on top of the latest market news with Bajaj Broking’s insights. Our point-to-point expert analysis digs deep into the surface, empowering you with a unique perspective on domestic and global stock market events. Get all the current share market news, including US share market updates in one place and make wise investment decisions.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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