Bulls may stage a comeback, Nifty to head towards 17820 above 17700; 5 things to know before opening bell | The Financial Express

Bulls may stage a comeback, Nifty to head towards 17820 above 17700; 5 things to know before opening bell

Domestic share market is likely to open on a positive note on Friday, hinted SGX Nifty. Nifty futures on the Singapore Exchange were trading 0.25% higher ahead of today’s trading session.

Bulls may stage a comeback, Nifty to head towards 17820 above 17700; 5 things to know before opening bell
The Nifty made another attempt towards the hurdle of trend line around 17800 levels

Domestic share market is likely to open on a positive note on Friday, hinted SGX Nifty. Nifty futures on the Singapore Exchange were trading 0.25% higher ahead of today’s trading session. “Indian equities have been witnessing wild swings for the last few days. However Strong macro data, along with positive institutional flows have helped provided support at lower levels. Also action continues in mid and small caps with niche sectors doing well. Auto, Cap Goods, Defence, consumption, real estate, healthcare stocks are in string momentum which is likely to continue,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

Also Read: Share Market LIVE: SGX Nifty hints at positive start for Nifty, Sensex; Services exports jump to $23.26 bn

5 things to know before share market opening bell

Global market watch: A late rally helped the S&P 500 snap a four-session losing skid on Thursday with investor focus turning to a key report on the labor market on Friday. The Dow Jones Industrial Average rose 0.46%; the S&P 500 gained 0.30%; and the Nasdaq Composite dropped 0.26%. Asian shares were mixed and the dollar stood tall on Friday ahead of a key U.S. jobs report as investors braced for more aggressive rate hikes from the Federal Reserve, while commodities took an overnight dive amid new China lockdowns. Japan’s Nikkei and Chinese bluechips were mostly unchanged, Hong Kong’s Hang Seng index eased 0.2% and South Korea gained 0.5%.

Nifty technical view: “A small positive candle was formed on the daily chart with long upper shadow. Technically, the market is placed at the broader high low range of 17350-17750 levels and consolidation movement with volatility is likely in the coming sessions. After reacting down from the important trend line resistance at 17900 levels in the last month, the Nifty made another attempt towards the hurdle of trend line around 17800 levels on Tuesday before witnessing another round of selling pressure from the highs on Tuesday. The short term trend remains range bound with high volatility,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Levels to watch out for: “Technically, 17450 would be the important support level while 17700 could be the immediate hurdle for the market. Below 17450, the Nifty could slip till 17350-17300. On the flip side, a fresh uptrend is possible only after the 17700 range breakout. Above the same, the index could move up to 17820-17850,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

Nifty Bank outlook: “Immediate support for Bank Nifty is placed at 38,850 to 38,900 levels whereas the banking index is facing hurdle at 39,800 to 39,850 that means the index is expected to trade in near 1,000 range on Friday session,” said Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher said.

Also Read: Adani Enterprises, Infosys, NDTV, Aurobindo Pharma, Eicher Motors, Orient Cement, Dodla Dairy stocks in focus

Stocks under F&O ban on NSE: The National Stock Exchange (NSE) has not added any stock under its F&O ban list for 2 September 2022. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 per cent of the market-wide position limit.

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