Sensex, Nifty stare at negative opening; 5 things to know before today’s opening bell

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May 11, 2021 8:11 AM

On Tuesday morning, SGX Nifty was down 200 points, hinting at a negative start for domestic equity markets.

Stock market today, SGX NiftyChartists believe the trend is positive for Nifty. (Image: REUTERS)

Domestic markets continued gaining on Monday, extending the rally to four days now. S&P BSE Sensex now sits at 49,502 while Nifty 50 is at 14,942. Indices have continued to move in a broad range for weeks now. Technical analysts believe that only a move above 15,000 – 15,100 would force Dalal Street to claim fresh highs. On Tuesday morning, SGX Nifty was down 200 points, hinting at a negative start for domestic equity markets. Global cues too were hinting at a negative start after Wall Street closed down in the red on Monday.

Global Watch: Equity indices on Wall Street ended in the negative territory on Monday. NASDAQ fell 2.55% while S&P 500 was down 1.04%, and Dow Jones closed 0.10% lower. Among Asian peers, Nikkei 225 fell 2.5%, Hang Seng was down 2%, followed by TOPIX, KOSPI, KOSDAQ, and Shanghai Composite.

Technical take: Chartists believe the trend is positive for Nifty. “Nifty not showing any immediate reversal down from near the key overhead resistance on Monday is a positive indication and this could signal a possibility of a decisive upside breakout of the resistance as well as the sideways range movement,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Levels to watch out for: Nifty has maintained its position above the 14,700 mark. “The Nifty should be headed to 15200-15250 with strong support at 14700,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments. Meanwhile, Nagaraj Shetti believes 15,100 is acting as a hurdle for the index but if Nifty breaches the said levels then 15,700 could be in sight.

Also Read: Share Market vulnerable; here are the stocks to buy in this phase of Dalal Street

FII and DII trades: Foreign Institutional Investors (FII) were net buyers of domestic stocks on Monday, pumping in Rs 583 crore. Meanwhile, Domestic Institutional Investors (DII) were net sellers, pulling out Rs 476 crore. In the previous week, FIIs were net sellers on four out of five trading sessions.

Results today: Godrej Consumer Products, Siemens, Aarti Industries, Linde India, BASF India, KEC Internation, Firstsource Solutions, Granules India, Neuland Labs, Alembic, Dishman Carbogen, and Matrimony.com are some of the companies that will report their quarterly results today.

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