Nifty futures may see resistance near 7,800 28 Mar, 2016

Market Experts believe the trend in world wide, investment by foreign institutional investors (FIIs), the movement of the INR against the dollar & Mcx crude oil prices will dictate market trend in the near term.

"The short-term trend for Nifty futures is high on the daily charts, as the index has seen a positive weekly ends above the 7,700 level and sustaining above the 100-DMA.

As the index has crossed the downward sloping trendline near 7,600 level, it would now act as a strong support, according to change of polarity principle. Thus, in near futures, it may test the levels of 7,800 levels which is its up coming immediate resistance level," said Mr. Rohit Gadia.

Today's currency market tips & updates 2 Mar, 2016

The INR(rupee) rose 11 paise to 67.74 against the USD in early trade on Wednesday tracking a firm trend in most currency markets of asia.Click for Commodity tips

The domestic currency had rushed 57 paise to close at a 3-week high of 67.85 in the previous session following the FM Mr. Arun Jairtey's pledge to maintain FY16 fiscal deficit target near 3.5 per-cent of the GDP.

Provisional data available with BSE concluded foreign institutional investors were net buyers to the tune of Rs 1,761 crs on yesterday.

The index of dollar, which tracks the movement of dollar compared to basket of 6 major world currencies, rose 0.02 per-cent to 98.36 on firm data of US.

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ICA pointed concerns over the launch of Ringing Bells Freedom251 mobile

Freedom 251 : Expressing concern over the inaugration of a smartphone at price as low as 251 Rupee(INR)  mobile industry body ICA has written to Minister of Telecom Ravi Shankar Prasad to get into depth of the issue, saying the rate could not be below Rs 3,500 even after a subsidised sale.Click for Commodity tips


The Indian Cellular Association (ICA) also told in reports that it is not appropriate for the senior political & government leadership to be present at the launch till the air around this is cleared and it is not shrouded under controversies.

Noida-based Ringing Bells declared India's most affordable smartphone, priced at 251 Rupee, a move that is set to disrupt the booming Indian mobile handset market. The 3G handset, Freedom 251, features a Qualcomm 1.3-GHz quad-core processor , 4-inch display, and 1 GB RAM, according to details shared by the Organization. On yesterday, Defence Minister Manohar Parrikkar launched the smartphone Freedom 251.

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Rupee ahead 6 paise against USD 22 Dec, 2015

 Taking its winning streak to the 6th trading session, the INR(rupee) ahead 6 paise to 66.29 against the US dollar in early trade today. The rise was largely in line with gains seen in Asian currencies.

Asian currencies which were trading high -

1. Indonesia rupiah (up 1.07 per-cent)
2. Taiwanese dollar (up 0.77 per cent)
3. Malaysian ringgit (up 0.29 per-cent)
4. Korean won (0.12 per-cent)

Singapore dollar and Thai baht contributed 0.11 per-cent each. Chinese yuan inched up 0.04 per-cent.

Dollar index, which tracks the movement of USD against a basket of 6 major world currencies, stood at 98.40.

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