Nifty forms a bullish belt hold line, Metal stocks may stage a recovery

Nifty forms a bullish belt hold line, Metal stocks may stage a recovery

Nifty Metal index is placed at a very interesting juncture. Our weekly chart analysis indicates that the index has reached the declining trend line support zone of 3,330 levels.

Nifty formed a bullish belt hold line candle stick pattern on the daily chart. This often indicates an early sign of shift from bearish to bullish stance.

The 10,550 mark proved to be an important support zone for the Nifty for second consecutive time. On the upside, immediate resistance is now seen around the 10,720 and 10,830 levels.

On the other hand, Bank Nifty was an underperformer as it failed to capitalize on the early Friday momentum ending almost flat.

The PSU banks continue to remain the weakest of the lot, while private banks continued to remain resilient. Going forward, crucial support for the Bank Nifty is seen around 26,225 levels.

Nifty Metal index is placed at a very interesting juncture. Our weekly chart analysis indicates that the index has reached the declining trend line support zone of 3,330 levels.

The index has managed to hold above the mentioned support area, and is likely that the Metal index may stage a short term recovery.

Forex reserves dip by USD 2.25 bn to USD 407.81 bn

Forex reserves dip by USD 2.25 bn to USD 407.81 bn

India’s foreign exchange reserves declined by USD 2.25 billion to USD 407.81 billion in the week to June 22 on account of fall in foreign currency assets, Reserve Bank of India (RBI) data showed.

In the previous week, reserves had decreased by USD 3.04 billion to USD 410.07 billion.

Forex reserves had crossed the USD 400-billion mark for the first time in the week to September 8, 2017, but have since been fluctuating.

Bitcoin changing the world Now

It offers a secure transfer of information and hosts a public record of global transactions without any intermediary.

The volatile crypto-currency has been drawing the attention of investors and financial service firms in recent months.

Image result for bitcoin image

Now, entrepreneurs and investors from Montreal are trying to get a piece of the growing pie, as the city becomes a hub for crypto-currency trading and innovation.

Justin Harris, a 28-year-old Montrealer and software engineer, said he increased his investment tenfold by venturing into the world of crypto-currencies.

Fred Pye, the founder of Canada’s first crypto-currency fund, noted that some of the newer currencies are not widely understood.

He’s working with a team of 25 people across Montreal and Toronto to value crypto-currencies, seeking to end speculation and replace it with accurate information.

After  experienced one of the biggest roller coaster weeks in its young history, the most important question facing it is whether the recent price correction will prove to be what  participants refer to as healthy specifically, one that serves to shake out excessive irrational exuberance, provides for the entry of institutional investors, encourages the development of market-deepening products, and widens and balances out the investor base and the product offering.

On the other hand,its billionaires stay out of the indutry  institutional investment in it will remain problematic. Individuals will be able to trade small amounts in a fragmented industry of loosely regulated exchanges, but futures and ETFs will not be securely backed by  their prices will be pushed around by betting sentiment of people who own no coin.

That’s not necessarily a bad thing. After all it was invented as an alternative to financial  and it functioned quite nicely for years with no connection to Wall Street.

But many people have set their hearts on linking the two systems, and we may have just seen the first trade to validate their dreams.