Domestic equity market benchmarks BSE Sensex and Nifty 50 are likely to see a gap-up opening on Wednesday after a one-day blip.
Sensex and Nifty closed marginally lower for the second day straight.
Domestic equity market benchmarks BSE Sensex and Nifty 50 are likely to see a gap-up opening on Wednesday after a one-day blip. Headline indices reached a fresh all-time high in intraday deals in the previous session. Sensex recorded an all-time high of 51,835, while Nifty 50 crossed 15,250 levels. Market participants have shifted their focus to corporate earnings which is in its last leg. Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd said that the overall long-term trend of the market remains positive given the confluence of economic recovery, containment of COVID-19, earnings beat, and an expansionary Union Budget 2021.
SGX Nifty hints positive start: Nifty futures were trading 51 points or 0.34 per cent up at 15,168 on Singaporean Exchange, suggesting a positive start for BSE Sensex and Nifty on Wednesday.
Nifty support, resistance levels: Technically, the index has formed Hammer kind of candlestick pattern which clearly indicates indecisiveness between bulls and bears, says Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities. He added that for the next few trading session 15250/51800 would be the key resistance level, trading below the same we can expect intraday correction up to 15000-14950/51000-50500. “On the flip side, if index succeeded to trade above 15250 /51800 then uptrend continuation rally likely to continue till 15335-15365/ 52200-52500,” he said.
FIIs remain net buyers: On Tuesday, foreign institutional investors (FIIs) lapped shares worth Rs 1,300.65 crore on a net basis. While domestic institutional investors (DIIs) were net sellers again, selling shares worth Rs 1,756.24 crore in the Indian equity market.
Global watch: Asian stocks were seen trading in green in early trade on Wednesday. Shanghai Composite gained 0.56 per cent. While Japan’s Nikkei 225 was up 0.09 per cent. The Topix index was slightly higher. South Korea’s Kospi gained 0.21 per cent. In overnight trade on Wall Street, MSCI’s gauge of global stocks and the Nasdaq extended their runs to fresh highs on Tuesday. While the S&P 500 and Dow Jones Industrial ended slightly lower.