Most Asian shares firmed and gold prices hit a three-month high on Tuesday as investors wagered the new head of the U.S. Federal Reserve would navigate her first testimony to Congress without rocking the boat for markets.
Fed Chair Janet Yellen appears before the House Financial Services Committee at 1500 GMT and will likely face questions on the state of the labour market and the future pace of tapering.
A rub-off effect is also seen in the Indian markets with both Sensex and the Nifty gaining by nearly 0.3% each.
However, the BSE Mid-cap index has gained 0.11% or 6,346 and the small-cap index is up 0.17% at 6,351.
The overall breadth of the BSE midcap index remains almost flat as 104 stocks are advancing while 97 are declining.
Check out the trading strategies in Nifty, IT shares, Tata Motors, Hindalco, Bharti Airtel and Midcap stocks to buy with AK Prabhakar, Independent Market Analyst.
SmartInvestor: Markets are trading higher tracking firm Asian cues along with IT and capital goods shares leading the gains. The Nifty has managed to stay above the 6,075 levels in intra-day trades. What is your advice to traders on the benchmark index for the week ahead and the key levels to watch out for?
AK Prabhakar: Nifty has taken good support of 200DMA, 5980 around levels and now any dip should be a buy for 6200 for the week. Market would be range bound for next 1-2 months ahead of election 5950-6500 being the range.
SmartInvestor: What is your take on the Bank Nifty which is up nearly 1%?
Click here for full transcript
