Sensex, Nifty may open in red; five things to know before today’s opening bell on Dalal Street

By: |
March 19, 2021 8:05 AM

Domestic equity markets have failed to hold on to gains so far this week and closed in the negative territory repeatedly.

Stock market, niftyEquities have been spooked as US 10-year treasury yields have been marching higher continuously with the global economic recovery taking shape. (image: REUTERS)

Domestic equity markets have failed to hold on to gains so far this week and closed in the negative territory repeatedly. S&P BSE Sensex closed at 49,216 points while the 50-stock NSE Nifty ended at 14,557. Equities have been spooked as US 10-year treasury yields have been marching higher continuously with the global economic recovery taking shape. Domestically, increasing coronavirus cases have also been a cause of worry. Indices could open in the red on Friday morning with SGX Nifty plummeting 65 points during the early hours of trade.

Global watch: After reaching record highs on Wednesday, Wall Street ended in the red yesterday. NASDAQ closed 3% lower, S&P 500 and Dow Jones followed. The weakness was carried on to Asian markets, where Hang Seng, KOSPI, Nikkei 225, and Shanghai Composite were all in the red.

Technical take: With Nifty moving down for five consecutive days, the index has broken slightly below the trend line support at 14,680,  according to Nagaraj Shetti, Technical Research  Analyst, HDFC Securities. He added that the short term trend of Nifty continues to be weak but has not ruled out an upside bounce from current levels. 

Support and resistance levels: A correction wave is likely to continue till 14,450-14,460 / 48,890-48,700, said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities. “On the flip side, 14750/49963 could be the immediate hurdle, sustain above the same then we can expect quick relief rally up to 14850-14900/50100-50300 levels,” he added. Nagaraj Shetti of HDFC Securities believes 14,500 is the crucial support for Nifty now, below which it could tank to 14,000.

IPO Watch: Kalyan Jewellers IPO was subscribed 2.62 times at the end of the final day of bidding. Suryoday Small Finance Bank’s issue was subscribed by investors 1.01 times with retail investors oversubscribing their portion. Nazara Technologies IPO has seen a strong response with day 2 subscription at 10.55 times.

FII and DII trades: Foreign Institutional Investors (FII) were net buyers again of domestic securities. FII buying stood at Rs 1,258 crore for the day. Domestic Institutional Investors were however sellers, pulling out Rs 1,116 crore. 

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Glenmark Life Sciences files IPO papers with SEBI; plans to sell over 73 lakh shares via OFS
2Lodha Developers’ Macrotech IPO listing day strategy: Weak subscription disappoints; sell or hold shares?
3Petrol, diesel price today 17 April 2021: Fuel cost steady for 2nd day; check rates in Mumbai, Delhi, UP, Pune