Nifty has taken a downtrend movement post intra day with all benchmark indices taking a bearish note. Nifty is currently trading at 9885.05 with a -0.90% decrease in value resulting from 42 of nifty’s 50 trading in red. This downtrend movement is expected to continue across afternoon session till end of day market hour.
This downtrend is driven by bearish performance from FMCG, Bank , IT and Pharmaceuticals sector. ONGC, Bosch Limited and Coal India Limited are the stocks expected to maintain their bull climb through afternoon session. With market continuing to trade in red through the day and major indices across globe opening and closing bearish across timezone , investors are moving their funds into safe haven stocks and gold and silver. This redistribution of funds across local and international market has caused Gold and Silver to take huge leaps in their bull climb since market opened for the day.
If global cues continue to remain negative , gold and silver are expected to see new heights in the trading sessions to come tomorrow. This would favor investors who have invested in gold in MCX as gold and goldm contracts set to expire tomorrow has seen a 1.21% change in value so far. Gold and Silver has seen an increase of over Rs.200.
Gold is trading today at a 10 months high in MCX and Silver is trading at two months high.
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