INDIA50 is trading at 17152, 0.42% up since previous day close. A sharp rally can be seen in SGX Nifty since previous day as optimism looms over market scenario & Fed’s gradual monetary tightening stance in the near future. The global markets rallied following an expected Fed rate hike move of 75 bps & the chance of lowering down interest rate hike practice in future adds up bullishness in equity markets. The steady Oil prices & soft USD makes indices lucrative. On regional front, the better corporate earnings & improvement in economic growth further boosted the INDIA50.  As seen in the chart, the index successfully crossed long term MA (100) & MA (200); also crossed the key benchmark level of 17000. Buying on corrective dips may be recommended for the day.

Gold is trading at $1762.95, 0.26% up since previous day close. An upward momentum can be seen in Gold against the softer USD after U.S issued poor its Advance GDP data on Thursday. Also, the precious metals rallied post FOMC meeting with a 75bps rate hike; however, the Fed Chair Powell hinted for slowdown in rate hike process in the near future which fueled up optimism in overall market sentiments. Earlier, the growing inflationary pressure may lower down consumption demand of commodities. The slowdown Chinese economic progress further drags down the Gold prices; for China is a major consumer of metals. Strong buying may be suggested in Gold on daily basis.

USD/CHF is trading at 0.95293, 0.26% up since previous day close. The Swiss Franc appreciated widely against the soft USD after FOMC hiked interest rate as expected; however hinted for a slowdown in rate hike process in near future. The market will be looking forward to the result of nations’ Retail Sales data while the Credit Suisse Economic Expectations dropped by 57.2 from 72.7 in the previous month & the Trade Balance surplus grew to 3.80B from 2.99B in the previous month. Last week, the ECB hiked its interest rate by 50bps first in 11 years which made other currencies to trade on higher side. As seen in the chart, the pair USD/CHF is trading in a descending triangle pattern which indicates lower tops & steady bottoms. Strong buying may be noticed in CHF against the USD.