Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices ended Thursday’s volatile session in the positive territory, but despite multiple attempts Nifty failed to settle above 17000. The NSE index rose 13.45 pts or 0.08% to 16,985.60 and BSE Sensex climbed 78.94 pts or 0.14% to 57,634.84. Bank Nifty rose 81.10 pts 0.21% to 39,132.60. The top gainers on the Nifty 50 were BPCL, Hindustan Unilever Asian Paints, Nestle India and Titan while the losers were Hindalco, Tata Steel, IndusInd Bank, JSW Steel and HDFC Life.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
The top gainers on the Nifty 50 were BPCL
Bank Nifty rose 81.10 pts 0.21% to 39,132.60.
The NSE Nifty 50 rose 13.45 pts or 0.08% to 16,985.60 and BSE Sensex climbed 78.94 pts or 0.14% to 57,634.84.
“The outlook remains negative on the Indian indices from a medium-term perspective. The Bank nifty index is likely to underperform the nifty index going forwards as well. The Nifty pvtbank index and financial service index has given a major breakdown which will lead to selling pressure amongst all the financial stocks. One should keep a sell-on-rise approach on the bank nifty index with strong resistance at 40000,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
JSW Energy shares fell 2.27% to Rs 249.65 after the company’s board approved the allotment of 25,000 non-convertible debentures (NCD) on a private placement basis to raise Rs 250 crore. On October 28, 2022, the board also approved the NCD issue for the raising of funds up to Rs 2,500 crore by way of private placement.
Patanjali Foods shares touched a lower circuit, falling 5% to Rs 912.90 after the company failed to increase its public shareholding from 19.18% to 25% following which NSE and BSE have frozen the shareholding of promoters and promoter group. This will remain in action until the minimum public shareholding requirements are met.
“The full achievement of the 16930 target, as well as the proximity of the lower extremity of a multi month trend channel, encourages us to look at reversal chances. Whilethe closing hour yesterday did not leave any false hopes of recovery, the previous day had a similar trading pattern, albeit with similar peak, but lower low. This Amplifies the positive divergences that have been persisting for a while now, setting up a recovery rally towards 17470. Alternatively, inability to clear 17185 or inability to float above 17030 will allow the 16800 trajectory to continue,” said Anand James – Chief Market Strategist at Geojit Financial Services.
“Bank Nifty’s little support is located between 38400 and 38500, while immediate resistance is located between 39800 and 40000 levels,” said Ameya Ranadive CMT, CFTe, Equity Research Analyst at Choice Broking.
“Bank Nifty failed to capitalise on the early gain as the index closed below the previous session’s low at the end of a volatile session. The index has sustained below the critical short-term moving averages on the daily chart. The momentum indicator is in the bearish crossover. A fall below 39000 may trigger further corrections towards 38800/38500. On the higher end, resistance is visible at 39500,” said Rupak De, Senior Technical Analyst at LKP Securities.
Bank Nifty first support at 38849 and then 38504 and resistance at 39798 and 40401, according to Rahul Sharma, JM Financial.
“On daily charts, the Nifty has moved from the middle Bollinger band to the lower Bollinger band, and further declines are expected. Bears will be in command up till Nifty doesn’t cross 17000 levels and maintain 17000. Small support can be found between 16750 and 16800, and immediate resistance can be found between 17250 and 17300,” said Ameya Ranadive CMT, CFTe, Equity Research Analyst at Choice Broking.
“Nifty has achieved our short term target of 16950 and hence we revise it downwards to 16750 which is the previous swing low. On the hourly charts, we can observe a positive divergence developing however it needs to be confirmed by a daily positive close and hence we shall assign more weightage to the price action as of now and continue to maintain our negative outlook on the index,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“The decisive breach of the 17000 mark undoubtedly dented the sentiments, but as we allude to our previous commentary, the 16900-17000 odd zone is expected to cushion the fall. And we remain hopeful till the market withholds the range. On the higher end, 17200-17250 is expected to act as an immediate hurdle, followed by the sturdy wall of 200 SMA, placed around 17400-17450 in a comparable period,” said Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One
“Nifty has failed its bullish harmonic pattern and closed well below its potential reversal zone. The index is trading below its 9 & 21 EMA and the slope of the averages has tilted lower. The overall trend remains bearish as prices are trading in a lower low formation and a sell-on rally should be the right approach in this market. The support for the Nifty is placed at around 16,800 – 16,750 levels and resistance is capped at 17,300 – 17,350 levels,” said Rohan Patil, Technical Analyst, SAMCO Securities.
“On the lower end, the Nifty neared the lower band of the falling channel. Going forward, 16950 will likely act as crucial support on a closing basis for the index. Only a close below 16950 may trigger a further correction. On the higher end, resistance is visible at 17150-17200,” said Rupak De, Senior Technical Analyst at LKP Securities.
Nifty first support at 16937 and then 16848 and resistance at 17190 and 17353, according to Rahul Sharma, JM Financial.
The top gainers on Nifty 50 were BPCL, Titan, Power Grid, Nestle India and Divis Lab while the top losers were Hindalco, Tata Steel, JSW Steel, IndusInd Bank and ONGC.
Bank Nifty fell 102.95 pts or 0.26% to 38,948.55.
The BSE Sensex fell 120.07 pts or 0.21% to 57,435.83 and NSE Nifty 50 fell 34.00 pts or 0.20% to 16,938.15.
Domestic indices ended the pre-opening session flat. The NSE Nifty 50 rose 22.50 or 0.13% to 16,994.65 while BSE Sensex fell 45.1 pts or 0.08% to 57,510.80.
“Bad news has shifted from the US to Europe. The refusal of Credit Suisse’s largest shareholder Saudi National Bank to infuse more equity sent the stock plummeting by 30% thereby impacting the European Bank Index which sharply corrected by 8.4%. Since all banks are interconnected, fears of banking contagion are impacting markets. It is important to understand a few facts. One, Credit Suisse has been going through problems for more than a year now. Other European large banks are strong. Two, the crisis in a few US regional banks are unlikely to impact the large US banks and the US financial system. The central banks, treasuries and Deposit Insurance Corporations are moving fast to contain the problem which is likely to be contained shortly. There are no serious fundamental issues like those during the 2008 financial meltdown. Investors should not panic and wait for this storm to pass. Safety is in fundamentally strong large caps,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“Even as the entire Asian pack is reeling in the red, Indian equity markets are likely to see a gap-up opening in Thursday trades. Intra-day, the markets may continue to witness bouts of volatility owing to chaos in the global financial sector after the problem at Swiss bank Credit Suisse came to the fore even as investors were coming to terms post the fallout of the US-based Silicon Valley Bank and Signature Bank. Hence the trading theme revolves around the dramatic spreading of the banking crisis. The ongoing brutal pessimism can also be blamed on relentless selling by FIIs camp, with overseas investors selling local shares to the tune of Rs 1,271 crore on Wednesday. Technically, Nifty’s biggest hurdles are at its 200-DMA at 17447 mark, while immediate support is seen at 16601 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
The National Stock Exchange has GNFC and Indiabulls Housing Finance on its F&O ban list for 16 March. 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) sold shares worth a net Rs 1,271.25 crore, while domestic institutional investors (DII) acquired equities worth a net Rs 1,823.94 crore on 15 March, according to the provisional data available on the NSE.
In commodities, both crude benchmarks hit their lowest since December 2021 and have fallen for three straight days. Brent crude, the global benchmark, settled down $3.76, or 4.9%, at $73.69 a barrel. U.S. West Texas Intermediate crude (WTI) was down $3.72, or 5.2%, at $67.61, breaking through technical levels of $70 and $68 and extending the sell-off.
The US market ended the overnight session mostly in the red territory with Dow Jones Industrial Average falling 0.87%, S&P 500 dropping 0.70 while the tech-heavy Nasdaq rose marginally by 0.05%.
Asian markets were trading lower with China’s Shanghai composite index falling 0.28%, Japan’s Nikkei 225 plunging 1.12%, Hong Kong’s Hang Seng tanking 1.65% and South Korea’s KOSPI dipping 0.04%.
The Nifty futures on the Singapore Exchange were trading 52 pts or 0.31% higher at 17,026.00 in the early morning trade.