10 Feb Sensex open strong, Nifty reclaims 8800, Stock option trading tips

The Indian stock markets on Friday, February 10, 2017 opened in green tracking positive trend seen in Asian markets. At 10:15 am, the BSE  Sensex was trading at 28,384, up 55 points, while the broader Nifty50 was ruling at 8,803, up 25 points. In the broader market, BSE Midcap and BSE Smallcap indices added 0.4% each. About 1135 shares rose against 779 declining shares on the BSE. 

Tata Steel was the top Sensex gainer, adding about 2% after Tata Steel UK inked 126 million dollar deal to sell its specialty steel business to Liberty House Group. 

Mahindra & Mahindra, Gail India, Bank of Baroda and Sun TV will be announcing their quarterly results, which would be crucial in determining the market direction.

Copper slips by the end of the day on 5th Jan 2017, Gold Hits Rs 28K

Indian Copper declined by more than Rs. 380.4 per kg at the end day of Thursday. The prices declined by 0.95% to end the trades just above Rs 380. Coming to the resistances for Copper in coming days, Rs. 385 and 390 looks a difficult zone to breach. 

However, sentiment has been improved by strong manufacturing data from the U.S. and China, which accounts for almost half of global copper consumption estimated at about 22 million tonnes this year. Strong data from the U.S is one cause behind the stronger dollar, which has now been witnessed by traders as a hint of economic strength. 

Meantime, MCX Gold futures closed up about 1 percent at Rs 27,946 per 10 grams after hitting a high of Rs 28000 per 10 grams. Gold rose to its highest peak in one month on Thursday, approaching USD 1180 per ounce levels since the dollar down further below a 14-year peak earlier this week. The precious metal has been rising this year after reaching lower around its 11 month low in December 2016. Dollar index has fallen near 101 levels in Asian trades today.

Elite Investment Advisory Services