The Nifty Future is trading at 14,610.80 with a loss of -0.61% percent or -0.61% point. The Nikkei 225 Future is trading at 28,847.50 with a loss of -0.80% percent or -232.50 point.The Hang Seng Future is trading at 28,232.00 with a loss of -0.45% percent or -126.50 point.
TODAY’S FACTORS AND EVENTS
As per my charts, sugar stocks are breaking out and the trend is looking bullish. We have selected stocks with a minimum market cap of Rs 15 bn as per the closing of 30 April 2021. The stocks which we have included in our equal-weighted index is EID Parry, Balrampur Chini, Triveni Engineering, Renuka Sugar, Bannari Amman Sugar, Dalmia Sugar, and Dhampur Sugar. The index broke out of from a bullish inverted head and shoulder in March 2016 and it then doubled giving around 110% returns in the next 86 weeks. They say history repeats itself in the markets. A similar structure formed in April 2021. The index broke-out, retested, and is now resuming its bullish momentum. I believe sugar stocks are looking positive for another 8-12 months. However, individual stock selection must be done with great care because sugar stocks are quite volatile.
PREVIOUS DAY ACTIVITY
For the day the nifty closed at 14,562.15 up with + percent or +65.65 point.Nikkei 225 is trading at 28,812.63 with a loss of – percent or –241.34 point. Hong Kong’s Hang Seng is trading at 28,358.06 with a loss of –percent or ?199.08 point.
For the day the Dow is trading at 34,133.03 up with +percent or +19.80 point. The S&P 500 is trading at 4,164.66 with a loss of – percent or ?28.00 point. The Nasdaq Composite is trading at 13,633.50 with a loss of – percent or –261.62 point.
In other parts of world, Japan’s Nikkei 225 is trading at at 28,812.63 with a loss of – percent or –241.34 point. Hong Kong’s Hang Seng is trading at 28,443.87 with a loss of – percent or ?113.27 point. China’s Shanghai Composite is trading at 3,446.86 with a loss of – percent or –28.04 point. India’s BSE Sensex is trading at 48,421.99 up with + percent or +168.48 point at 12:15 PM.