would you buy in this case? previous resistance break garyo, volume increasing, but, RSI 70 xa, overbought dekhako xa, but, microfinance sabai badiraxa aile well over 70…what would you do?
View on r/NepalStock by soosheel
Tag: Break
-
Nepal’s Gold Market Surges to Unprecedented Heights, Breaking Records Once Again on March 6, 2024
The gold market in Nepal witnessed yet another remarkable surge, surpassing the record set just the day before, reaching an unparalleled peak on March 6, 2024. The Federation of Nepal Gold and Silver Dealers’ Association reported an extraordinary single-day increase of Rs. 500, driving the price of fine gold to an unprecedented rate of Rs. 1,23,500 per tola. This surge comes on the heels of the historical milestone achieved on March 5, 2024, when fine gold reached Rs. 1,23,000 per tola.
Tejabi gold, another highly coveted variety, also experienced a notable rise, currently priced at Rs. 1,22,900 per tola, marking an increase from its previous rate of Rs. 1,22,400. However, silver prices saw a slight decline of Rs. 5 per tola, with the current market rate standing at Rs. 1,440 per tola, in contrast to the previous day’s closing rate of Rs. 1,445 per tola.
As the domestic market witnesses a substantial increase in prices, the international market continues to play a significant role. As of the latest update, the current gold rate stands at $2,125.90 per ounce. Meanwhile, silver is also experiencing positive momentum globally, with prices reaching $23.59 per ounce.
-
NEPSE Witnessed Huge Gain of 43.27 Points On 2nd Last Trading Day of Dashain Break; New Brokers Performing Well
In today’s trading session on the Nepal Stock Exchange (NEPSE), there was a strong performance as the NEPSE Index concluded at 1,907.89 points. This represented a significant increase of 43.27 points, or 2.32%, compared to the previous day’s closing. It’s notable that the index had already shown promise by gaining 13.18 points on the last trading day. The reasons behind this substantial upswing are multifaceted.
To begin with, the quarter-end pressure was substantially reduced on this second last trading day before the Dashain break, creating a more favorable trading atmosphere. Additionally, a key factor influencing the market was the recent reduction in interest rates by several banks. This had a noteworthy impact on market dynamics, as the interbank interest rate now stands at 1.99%, well below the saving interest rates offered by financial institutions. Moreover, the Credit-Deposit (CD) ratio is relatively low at 81.81%, indicating ample liquidity availability in the market.
The decision to reduce broker commissions by 10% has boosted investor confidence, leading to increased demand in the market. The emergence of new brokers also played a crucial role in today’s trading session. One of the new brokers, Sharepro Securities Broker no. 65, delivered an impressive performance, securing a prominent position in the market, specifically ranking seventh in terms of influence and success in today’s trading.
The trading day began with the index opening at 1,864.28, reaching an intraday low of 1,864.25 and a high of 1,908.40.
Throughout the trading session, a total of 286 different stocks were traded in 31,788 transactions. The volume of shares traded amounted to 3,772,023 units, with a total turnover of Rs. 93.48 Crore. The market capitalization stood at Rs. 29.27 Kharba, with a float market capitalization of Rs. 10.27 Kharba.
Sanima GIC Insurance Limited (SGIC) led in terms of turnover, with transactions worth Rs. 4.46 crores and a closing market price of Rs. 434.00.
Similarly, Asha Laghubitta Bittiya Sanstha Ltd (ALBSL) exhibited the highest gain of 10%, followed by Infinity Laghubitta Bittiya Sanstha Limited (ILBS) with a gain of 9.97%. On the other hand, BPW Laghubitta Bittiya Sanstha Limited (BPW) experienced the highest loss at 4.62%.
Regarding sector indices, all sectors concluded in positive territory, with “Non-Life Insurance” registering the highest gain at 2.87%, while “Mutual Fund” saw the lowest gain at 0.38%.