Share Market News Today | Sensex, Nifty, Share Prices Highlights: After falling for eight consecutive sessions, domestic indices reversed the downtrend and ended the first session of March broadly in the green territory. The NSE Nifty 50 surged 146.95 pts or 0.85% to 17,450.90 and BSE Sensex settled 448.96 pts or 0.76% higher at 59,411.08. The top gainers on the Nifty 50 were Adani Enterprises, Hindalco, UPL, State Bank of India and IndusInd Bank while the losers were Britannia, Power Grid, Cipla, BPCL and HDFC Bank. Bank Nifty jumped 429.10 pts or 1.07% closing at 40,698.15. The top gainers were Federal Bank, PNB, Bank of Baroda, AU Bank and State Bank of India while the sole laggard was HDFC Bank.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
Bank Nifty jumped 429.10 pts or 1.07% closing at 40,698.15. The top gainers were Federal Bank, PNB, Bank of Baroda, AU Bank and State Bank of India while the sole laggard was HDFC Bank.
The top gainers on the Nifty 50 were Adani Enterprises
The NSE Nifty 50 surged 146.95 pts or 0.85% to 17,450.90 and BSE Sensex settled 448.96 pts or 0.76% higher at 59,411.08.
Adani Total Gas, Damodar Industries, Rupa & Company, Poly Medicure, Indo Amines, Dollar Industries, Shiva Texyarn, Donear Industries, Tracxn Technologies are among the volume gainers on the NSE index.
Alternatively, 91 stocks including PVR, Cipla, DCM Shriram, Piramal Enterprises, Adani Total Gas, Adani Transmission, Cosmo First, Rossari Biotech, SMS Lifesciences India, HLE Glascoat, Quess Corp, HP Adhesives, SEL Manufacturin, TV Today Network, Anjani Portland Cement, Plastiblends India, Xelpmoc Design And Tech, Poddar Housing and Development, Munjal Showa, Piramal Pharma, The Investment Trust Of India, Bal Pharma, Sequent Scientific, Art Nirman, Nakoda Group of Industries, Texmo Pipes and Products are at 52 week lows.
On the NSE Nifty, 20 stocks hit their 52 week highs including ION Exchange (India), Foseco India, PG Electroplast, Carysil, Krishana Phoschem, Global Health, Jindal Stainless (Hisar), ShreeOswal Seeds And Chemicals, Medico Remedies, Triveni Turbine, Goyal Aluminiums, Raj Rayon Industries, Equitas Small Finance Bank among others.
43 stocks hit their lower price band including Sanghi Industries, Indiabulls Enterprises, Radhika Jeweltech, Bombay Super Hybrid Seeds, Aaron Industries, Vinny Overseas. Additionally, 18 scrips hit both bands.
On the NSE Nifty, 76 stocks hit their upper price band. Adani Total Gas, Adani Transmission, Adani Wilmar, Tata Teleservives (Maharashtra), Adani Power, Adani Green Energy
On the NSE Nifty index, the top winners are Adani Enterprises, Hindalco, Axis Bank, M&M, TechM, with Adani Enterprises up 10.66%. The biggest laggards are Power Grid, Britannia Industries, Cipla, SBI Life, Tata Consumer, with Power Grid down 2.16%.
Adani Ports, Adani Enterprises, HDFC Bank, Reliance Industries, Axis Bank are the most active Nifty 50 stocks intraday.
“After a heavy sell-off since the past 8-9 days and a below-par GDP growth data is factored in, expectedly Nifty and Nifty Bank have bounced back today with small gains as both looked oversold on the Daily charts. If Nifty Bank closes above 40528, a target of 40950 looks possible by this week. Support will be at 40380. Nifty has support at 17255. A daily close above resistance of 17451 could lead to a target of 17620 in the near term,” said A R Ramachandran from Tips2trades.
“Traders should remain cautious this would be a short covering rally after the continuous sell-off. We expect the Nifty to respect the 17100-17200 zone thus the possibility of consolidation is high. Considering stock-specific opportunities based on sectoral trends would be vital,” said Om Mehra, Equity Research Analyst, at Choice Broking.
“Yesterday was the 6th such occurrence in the last 27 years that the index saw 9 consecutive red bars, and in the last 5 instances it has been preceded by an instant reversal of 4-5%. Furthermore, in the previous trading session index triggered a bullish AB=CD Harmonic pattern potential Reversal zone. Also, in the last two sessions we have seen better relative strength in Banknifty compared to Nifty which highlights bullish divergence among the indices and hints at exhaustion in the selling pressure,” said Rohan Shah, Head Technical Research at Stoxbox.
“On the hourly charts, we can observe that Nifty has broken out of a downward sloping channel which indicates that a bounce is possible after falling for eight consecutive trading sessions. Also, the hourly momentum indicator has a positive crossover. Thus, both price and momentum indicators are in sync and we can expect the Nifty to target levels of 17500 from a short-term perspective,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
“Nifty’s two days of slippage past its 200 DMA failed to trigger substantial falls, encouraging traders to cut short bets. Meanwhile, the majority of Nifty Bank stocks are trading above their respective 200 DMA keeping upside hopes intact,” said Anand James, Chief Market Strategist at Geojit Financial Services.
“Nifty 50 has completed its one-month corrective action from the budget day highs of 18,100 levels and has withheld the 200-day average with positive momentum. We expect the trend to continue till 17,700 levels over the next few days. Oversold levels and support of average confirm the trend,” said Vikas Jain, Senior Research Analyst at Reliance Securities.
“Despite the flat to negative movement in major global indices, India’s major Equity Indices gave a positive opening on Wednesday and traded higher ahead of the economic activity in China returned to pre-COVID levels. Today Chinese equity markets led gains on all Asian stock markets. A China rebound is encouraging for other Asian economies, which rely on China as a trading partner,” said Akhilesh Jat, Category Manager – Equity Research.
“We are seeing a relief rally in the market because the market is looking extremely oversold in the near term because the long exposure of FIIs in index futures stands at a multi-month low of 15%, the put/call ratio is at 0.67, and the reading of the RSI on the daily chart is at 30. On the upside, 17450 is an immediate hurdle, and then 17625 and 17750 are the next hurdles. On the downside, 17130 is an immediate support level, while 16800 is a major support for the Nifty. Banknifty is showing signs of bottoming out, as we can observe a double bottom formation with a bullish engulfing candlestick formation near its 200-DMA. On the upside, the 20-DMA around 41000 will be an important hurdle. On the downside, 39400 is a key support level,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
“There is a tug of war going on between FIIs and DIIs now. During the last 5 sessions FIIs sold equity for Rs 10049 crores; the DIIs matched this with buying for Rs 10200 cores. So, even though the institutional net buying is positive, the market has been trending down on negative sentiments and increasing short build up in the system. Retail/HNI activity is subdued unlike in the last 2 years. There are no positive triggers to take the market higher, but short covering may happen since the market is oversold. The only sensible investment strategy in this highly uncertain time is to slowly accumulate high quality stocks for the long-term, ignoring short-term volatility. Banks, capital goods and IT stocks can give good returns for the medium to long run.” – V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The top gainers on Nifty 50 were Adani Enterprises, Hindalco, Adani Ports, Tata Steel and Mahindra & Mahindra while the top losers are Apollo Hospital, Britannia, HDFC Life, SBI Life and Tata Consumer.
The NSE Nifty rose 79.70 points or 0.46% to 17,383.65 and BSE Sensex climbed 301.27 pts or 0.51% to 59,263.39.
“Bank nifty has support at 39450-39600 while resistance is placed at 40800-41000 range,” said Om Mehra, Equity Research Analyst, Choice Broking.
“The Bank Nifty index witnessed range-bound trading action and formed a Doji candle on the daily chart. The index support stands at 39700 and the resistance is visible at 40300 a break on either side will lead to trending moves. The index within the range remains in a buy-on-dip mode with support at 39700,” said Kunal Shah, Senior Technical Analyst at LKP Securities.
“Bank Nifty support is placed at 40300 and 40104 while resistance is placed at 40671 and 40846,” said Rahul Sharma, JM Financial.
“The volume profile indicates Nifty has strong support around the 17150-17200 zone. Coming to the OI Data, on the call side, the highest OI was observed at 17400 followed by 17500 strike prices while on the put side, the highest OI is at 17000 strike price,” said Om Mehra, Equity Research Analyst, Choice Broking.
“Finally, the bears managed to drag the Nifty below the line of polarity, the 200-day moving average, on a closing basis. The sentiment looks very negative from here as the index sustains below the crucial long-term average. A further decline towards 17150–17100 appears imminent, as bulls appear to be in no hurry to support Indian equities. On the higher end, immediate resistance is visible at 17400, above which the current trend may reverse,” said Rupak De, Senior Technical Analyst at LKP Securities.
“Global investors’ interest in the equity market is weakening due to the slowdown in the economy, led by high inflation and contractionary monetary policy. Inflows are being diverted to safe assets, and corporate earnings growth is dropping, affecting the performance of the stock market and demanding a downgrade in valuation. The double whammy for India is that it is expensive compared to other EMs, resulting in underperformance among the global market,” said Vinod Nair, Head of Research at Geojit Financial Services.
“On the hourly charts, the 20-hour moving average (17383) is acting as a stiff resistance and any bounce towards it is being sold into. The downtrend is still intact and any bounce should be used as an opportunity to create fresh short positions. On the downside we expect the Nifty to target levels of 17200 from a short-term perspective,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“Nifty is surging above its 200-DMA as global cues are jittery. US bond yields are approaching 4%, which is putting pressure on global equity markets. The market is extremely oversold, so a pullback from lower levels cannot be ruled out in the short term. 17130 is an immediate support level, while 17500 will now act as a resistance area. Nifty has to move above 17625 for any kind of reversal,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
“Nifty first support placed at 17323 and second at 17239. The resistance is placed at 17512 and 17617,” said Rahul Sharma, JM Financial.
The US equity indices ended the overnight session in the red territory with Dow Jones Industrial Average (DJIA) falling 0.71%, S&P 500 dropping 0.30%, and the tech-heavy Nasdaq dipping 0.10%.
Asian markets were trading mixed with China’s Shanghai Composite index rising 0.32%, Hong Kong’s Hang Seng climbed 1.99% while Japan’s Nikkei 225 fell 0.04%.