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Stock Market: Nifty crosses 18,800 as rally continues; IT, Metal climb.
IT Index jumps 2% with all stocks in green
Share Market: Indices hold steady in green with Sensex up 300 pts and Nifty 100. Hindalco, TCS, and TechM jump, while Bajaj Auto and HUL shed. IT and Metal index lead in the rally; Auto, FMCG drag. Asian indices are also trading higher in the morning session.
NSE, SGX aim to start joint derivatives project by second quarter
The Indian economy has grown by 6.3% in the July to September quarter, down from explosive growth of 13.5% in the previous quarter. Meanwhile, Fed Chair indicated that the Fed may increase its key interest rate by a smaller increment in December.
A renewed buying interest can be seen in midcap and small cap space which had been underperforming for quite some time
Technical & derivative analyst,
On the technical front, Nifty formed a long bullish candle on the daily chart and with sequence of higher tops and bottoms remains perfectly in place indicating continuance of upward momentum with elevated support base at 18100 as it happens to be the 20day EMA and the lower band of recent consolidation followed by resistance turn support from Sept’22 high. Presently Nifty has also been able to trade past the projected 0.618% retracement of the June’22 low and Sept’ high comes around 18535, against that backdrop next resistance level for the market seems around 0.786% retracement at 19025. In the coming session, index is likely to open on a positive note tracking strong global cues. Post initial blip one can expect supportive efforts to emerge around 18550-18570. Thus, a renewed buying interest can be seen in midcap and small-cap space which had been underperforming for quite some time.
NSE, SGX aim to start joint derivatives project by second quarter
The Singapore Exchange and the National Stock Exchange of India said on Wednesday the full-scale operation of their international financial centre, NSE IFSC-SGX Connect, is targeted to be ready by the end of the second quarter of 2023.
The transition of trading of SGX Nifty to NSE IFSC through the Connect was expected to take place shortly after the operations begin, with dollar-denominated Nifty contracts to be exclusively traded on the NSE IFSC, the exchange operators said.
The collaboration, launched in July earlier this year, would enable orders from the SGX members to be routed to NSE IFSC for trading and execution with clearing and settlement through SGX Derivatives Clearing, they said in a statement, adding that so far 14 SGX Clearing members have been onboarded. (Reuters)
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