Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices ended Tuesday’s volatile session broadly in red. The NSE Nifty fell 88.75 pts or 0.51% to 17,303.95 and BSE Sensex tanked 326.23 pts or 0.55% to 58,962.12. The Bank Nifty settled 38.05 pts or 0.09% lower at 40,269.05. The Top gainers on Nifty 50 were Adani Enterprises, Adani Ports, Asian Paints, Britannia and Mahindra & Mahindra while the top losers were Cipla, Hindalco, Dr Reddy, ONGC and Reliance Industries Ltd (RIL).
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
The Top gainers on Nifty 50 were Adani Enterprises
The Bank Nifty settled 38.05 pts or 0.09% lower at 40,269.05.
The NSE Nifty fell 88.75 pts or 0.51% to 17,303.95 and BSE Sensex tanked 326.23 pts or 0.55% to 58,962.12.
Zee Entertainment Enterprises Ltd (ZEEL) share price surged over 8% to Rs 197.80 in the intraday trade on Tuesday on NSE after the National Stock Exchange said it would include the company back into the futures and options segment.
Since the market is highly oversold, one needs to keep a cautious view and avoid undue risk for the time being. Meanwhile, a close tab should be kept on global developments, which may lead to an immediate trend setup, and it is advisable to be very selective in finding trading opportunities.
– Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One
Bank Nifty's initial support is placed at 39800 and then 39600. Resistance is seen at 40500 and 40750. – Motilal Oswal
Nifty initial support placed at 17300 and then 17200. Resistance is seen at 17442 and 17620. – Motilal Oswal
The top gainers on Nifty 50 were Bajaj Auto, Mahindra & Mahindra, Hero Motocorp, Tata Motors and Eicher Motors while the top losers were Adani Enterprises, Cipla, Adani Ports, Hindalco and HCL Technologies.
The NSE Nifty 50 fell 9.75 pts or 0.06% to 17,382.95 and BSE Sensex dipped 41.96 pts or 0.07% to 59,246.39.
“Sustained FII selling (Rs 5488 crores in the last 4 days) will act as a drag on the market in the near-term. Weak participation by retail/HNIs have emboldened FIIs to press sales on every mild rally. This trend might continue. But a significant feature of the market trend is the strength being exhibited by the banking sector. Smart money is chasing fundamentally strong banking names. Investors should appreciate the fact that the selling in banking is overdone and some bluechips are available at attractive valuations. For instance, Axis Bank is now trading at 1.5 times forward PB. IT valuations are also turning attractive for long-term investors. Attractive valuations can trigger buying in beaten down segments. The PCR and derivatives activity indicate an oversold market,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
India’s Q3FY23 GDP will be released later on Tuesday. In the previous quarter, the GDP growth rate moderated to 6.3% in after a double-digit growth in Q1. The markets will be closely eyeing the Q3 GDP numbers.
The National Stock Exchange has no stocks on its F&O ban list for 28 February. 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) net sold shares worth Rs 2022.52 crore, while domestic institutional investors (DII) acquired equities worth Rs 2231.66 crore on 27 February, according to the provisional data available on the NSE.
“Bank nifty has support at 39700 levels while resistance is placed at 40900-41000. Over the next few days, we anticipate the market to trade with a sell-on-rise bias, yet this is an excellent opportunity for investors to choose high-quality stocks with a three to six-month time horizon,” said Om Mehra, Equity Research Analyst, Choice Broking.
“Bank Nifty remains a clear favourite with upside potential up to 41,000. Banks and PSEs remain under bullish setups while Adani Enterprises, MPhasis and PVY are under bearish setups,” said Rahul Sharma, JM Financial Services Ltd.
“Nifty has formed bearish candles continuously eight days in a row. ADX and MACD are still inclined on the negative side. Taking new long positions must be avoided until the Nifty attains 17620 levels. In the weekly chart, Index remained beneath the middle Bollinger band. The index may find support around the 17200 levels. On the derivatives front, the highest call OI is at 17600 followed by 17500 strike price while on the put side, highest OI remains at 17200 strike price,” said Om Mehra, Equity Research Analyst, Choice Broking.
“Nifty recovered before closing around the day’s high as it formed a hammer pattern on the daily chart, suggesting a possibility of a bullish reversal. On the daily chart, it found support around the 200DMA. Going ahead, the index may witness a strong recovery as long as it closes above the 200-day moving average (17370). On the higher end, the index may recover towards 17600/17750 over the short term. However, a decisive fall below 17370 may open the gate towards 17150 and lower,” said Rupak De, Senior Technical Analyst at LKP Securities.
“Following a fag-end buying, Nifty has formed a Bullish Hammer pattern on the daily chart with a long wick on the lower side. As prices are hovering near the oversold zone, an immediate short covering for the next couple of days cannot be ruled out. The support for the Nifty is placed at around 17300–17250 levels and resistance is capped at 17600 levels,” said Rohan Patil, Technical Analyst, SAMCO Securities.
“Finally reversal candles were seen on Nifty & Bank Nifty after the Budget Day low was broken in Nifty. India VIX has also cooled down in the last three sessions. Nifty still remains the laggard but a bounce-back up to 17600 is a possibility if we sustain above 17450. Index’s macro and the micro view remains bullish. Support is placed at 17,300 followed by 17200 and resistance is placed at 17450 and 17600,” said Rahul Sharma, JM Financial Services Ltd.
The US markets ended the overnight session in the positive territory with Dow Jones Industrial Average rising 0.22%, S&P 500 up 0.31% and the tech-heavy Nasdaq climbing 0.63%.
Asian markets were trading broadly in green with China’s Shanghai Composite index rising 0.33%, Japan’s Nikkei 225 jumping 0.47%, Hong Kong’s Hang Seng climbing 0.72% and South Korea’s KOSPI advancing 1.07%.