Broader markets continued to march higher on Thursday, setting fresh all-time highs on the weekly F&O expiry session.
Broader markets continued to march higher on Thursday, setting fresh all-time highs on the weekly F&O expiry session. S&P BSE Sensex closed 0.48% higher at 53,158 points while the Nifty 50 index jumped 0.44% to end at 15,924. Broader markets participated in the rally with smallcap indices outperforming the benchmarks. Ahead of the last trading session of the week, SGX Nifty was up in the green, hinting at positive momentum ahead of the opening bell. Global cues were largely negative with Asian stock markets trading with losses after Wall Street indices closed mixed.
Global Watch: On Wall Street, Dow Jones gained 0.15% while NASDAQ and the S&P 500 were down in the red. Among Asian stock markets, Shanghai Composite, Hang Seng, Nikkei 225, TOPIX, KOSPI and KOSDAQ were all in the red.
Technical take: Nifty formed a positive candle on Thursday as the index reached fresh all-time highs. “This pattern indicates an attempt of an upside breakout of the larger month old consolidation pattern at 15915 levels. But, the lack of strength at the highs could dampen the effort of bulls to sustain above the hurdle,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Levels to watch out for: Key hurdles were crossed by benchmark indices during the previous session. “The extended upsurge helped key indices move past the trading range on the upward boundary at 15915/53129. The development is positive as this might push the market towards 16100/53600 levels,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities. “ Our strategy should be to buy on dips. The earlier resistance of 15900/15870 (53100/53000) levels would act as major support and buying is advisable if Nifty drops to these levels. Investors should keep a final stop loss at 15770/52600 for the same. On the higher side, 16000/53400 and 16100/53600 levels would be the main obstacles,” he added.
FII and DII trades: Foreign Institutional Investors (FII) were net sellers of domestic stocks for the second day straight, pulling out Rs 264 crore. Domestic Institutional Investors (DII) were net buyers of domestic stocks, pumping in Rs 439 crore. FIIs were net buyers of index futures and options.
IPO watch: Today is the last day to bid for Zomato’s Rs 9,375 crore initial public offering (IPO). So far, the public issue has been subscribed 4.8 times by investors. Retail investors have bid for 4.73 times the reserved portion, while QIBs have bid for 7.07 times their quota. Continuing the euphoria on primary markets, the IPO of Tatva Chintan Pharma Chem Limited will open for subscription today.