Market Bizzz

Concerns over elevated valuation coupled with selling by passive funds resulted in the stock decline during the listing week, according to analysts. Traders are speculating that Jio shares could rebound early next week amid the annual general meeting of parent Reliance Industries, scheduled on Monday

The yield curve comparing two-year with 10-year yields has been inverted on a continued basis for over a year, a reliable sign of a looming recession, but it has steepened in recent weeks because 10-year yields have been rising while shorter-dated ones have remained flat.

The guidance “could reduce mainland capital flowing out through the bond market,” said Ken Cheung, chief Asian FX strategist at Mizuho Bank. “And it could also drive offshore yuan yields higher to support the renminbi.”

The counter is trading into a rising channel pattern constantly after it rebounded from the support zone. The strong bullish momentum on weekly scale suggests that the counter is likely to maintain bullish continuation chart formation in the coming horizon.