Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices ended Tuesday’s session deeply in the red. The NSE Nifty 50 tanked 112.35 points or 0.61% to 18,286.5 and BSE Sensex plunged 413.24 points or 0.66% to 61,932.47. In sectoral indices, Bank Nifty tumbled 168.40 points or 0.38% to 43,903.70, Nifty Auto fell 130.15 points or 0.93% to 13,877.70 while Nifty PSU Bank rose 28.90 points or 0.72% to 4,049.70. The top gainers on Nifty 50 were BPCL, Coal India, ONGC, Bajaj Finance and NTPC while the losers were Kotak Bank, Tata Motors, Mahindra & Mahindra, Apollo Hospital and Maruti Suzuki.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
“On the upside we expect the Nifty to reach levels of 18500 and hence we change our outlook on the Nifty to positive from sideways. In terms of levels, 18500 – 18520 is the immediate hurdle while 18190 – 18220 shall act as a crucial support zone and until this support zone is held, we can expect the dips to be bought into and the positive momentum to continue,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“Volume profile indicates Nifty has strong support around the 18200-18300 zone. Coming to the OI Data, on the call side, the highest OI was observed at 18500 followed by 18600 strike prices while on the put side, the highest OI is at 18300 strike price,” said Deven Mehata, Equity Research Analyst at Choice Broking.
“As long as Nifty’s 18213 support is held, expect the index to bounce towards its psychological hurdle at the 18500 mark and then aggressive targets at its all-time high at the 18888 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
“The heavy unwinding in the 18300CE along with decent addition in the 18300PE suggests that the Nifty has support at 18300 and is robust. The Relative Strength Index (RSI) is showing a bullish crossover, indicating increasing buying momentum. In the short term, the index is expected to move towards 18500 and potentially higher,” said Rupak De, Senior Technical analyst at LKP Securities.
“As long as the NSE Nifty 50 stays above 18,300 it could return to 18,450 and above 18,450 there could be a stronger move higher with a possible target of 18,500-18,600. On the downside, support lies at 18,300, followed by 18,200 and 18,170,” said Rohan Shah, head technical analyst at Stoxbox.
Nifty has a positive bias above 18390 for 18500. Advisable to take profits in long and re-enter dips. First support at 18350 and then 18290 while resistance at 18460 and then 18500, according to Rahul Sharma, JM Financial.
The National Stock Exchange has Delta Corp, GNFC, BHEL and Punjab National Bank securities on its F&O ban list for 16 May. According to the NSE, stocks are prohibited in the F&O sector when they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.
Foreign institutional investors (FII) bought shares worth a net Rs 1,685.29 crore, while domestic institutional investors (DII) purchased shares worth a net Rs 191.20 crore on May 15, according to the provisional data available on the NSE.
Oil prices rose for a second day early on Tuesday, as U.S. plans to purchase oil for the Strategic Petroleum Reserve (SPR) lent support while raging wildfires in Canada fuelled supply worries. Brent crude futures rose 31 cents, or 0.4%, to $75.54 a barrel by 0043 GMT, while U.S. West Texas Intermediate crude was at $71.38 a barrel, up 27 cents, or 0.4%. Both benchmarks rose more than 1% on Monday, reversing a 3-session losing streak.
The US market ended the overnight session mildly in green – Dow Jones Industrial Average (DJIA) rose 0.14%, S&P 500 was up 0.30% and the tech-heavy Nasdaq climbed 0.66%.
Asian markets were trading mostly in green – Hong Kong’s Hang Seng rose 0.29%, South Korea’s KOSPI was up 0.30% and Japan’s Nikkei 225 climbed 0.78% while China’s Shanghai Composite index fell 0.33%.
The Nifty futures on the Singapore Exchange (SGX) were trading 43 points or 0.23% higher at 18,446.5 in today’s early morning trade.