Share Market News Today | Sensex, Nifty, Share Prices Highlights: Benchmark indices ended Friday’s volatile session broadly in green. The NSE Nifty 50 jumped 73.45 points or 0.41% to 18,203.40 and BSE Sensex surged 297.94 points or 0.48% to 61,729.68. In sectoral indices, Bank Nifty soared 217.1 points or 0.50% to 43,969.40, Nifty IT skyrocketed 1.47% while Nifty Pharma fell 0.96%. The top gainers on the Nifty 50 were Adani Ports, Adani Enterprises, Tata Motors, Tech Mahindra and Infosys while the laggards were Divis Lab, Britannia, ONGC, NTPC and Hero Motocorp.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
“Bank Nifty is seen to be trading with a sideways to negative trend from the last three days and closed flat but the undertone remains bullish as long as it holds the levels of 43500 as put writers are fiercely active on 43500 and 43000 and call writers are active on 43800 and 44000. Technical indicator RSI is at around 64 and is showing strength by sustaining above 50 levels. Support placed at 43700, 43500 and 43000 while resistance at 43850, 44000 and 44200,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.
“Nifty Bank became vulnerable once SBI announced its quarterly numbers which augmented the pressure. However, Bank Nifty continues to trade above its 10DEMA implying fresh downside is expected to be seen once it closes below 43500 levels. Till then it is expected to trade in the 43500-44100 range,” said Gaurav Bissa, VP – InCred Equities.
Bank Nifty is expected to change gears above 44080 while 43450 is crucial support for bulls. First support at 43661 and then 43514 while resistance at 44006 and then 44205, according to Rahul Sharma, JM Financial.
“Nifty has formed a lower top formation on intraday charts and has also formed a bearish candle on daily charts which is broadly negative. The market texture is weak and the 20-day SMA (Simple Moving Average) or 18050 would be the immediate support zone for the bulls. On the other hand, 18200 could act as an immediate resistance zone for the traders, above which the index could retest the level of 18280-18300,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
“Going ahead 18300–18350 shall act as a stiff resistance. On the way down the Nifty is approaching the crucial support of 18079 which coincides with the 20-day moving average and below that lies the psychological support level of 18000. The daily momentum indicator has a negative crossover which is a sell signal. Thus, considering the above we have changed our outlook to sideways and the range of consolidation is 18400–18000,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“In the NSE Nifty 50 index, the crucial levels to monitor closely are 18,100 and 18,000, as they hold significant importance. On the upside, the key resistance levels to consider are 18,350. Presently, Nifty is facing selling pressure, leading to profit booking. Traders should exercise caution while initiating substantial long positions as the current market indicators lack clarity and strength,” said Ameya Ranadive, Equity Research Analyst at Choice Broking.
“Volatility was at its best as Nifty swung wildly during the day with no rise in IVs or India VIX. Nifty held on to the support of 18100. Expect Nifty to bounce back if 18100 support is not broken. Buy on dip around 18000. Nifty first support at 18100 and then 17950 while resistance at 18200 and then 18300,” according to Rahul Sharma, JM Financial.
The National Stock Exchange has Delta Corp, Balrampur Chini Mills, Mannappuram Finance, GNFC, Punjab National Bank, Aditya Birla Fashion and Retail, L&T Finance Holdings, and LIC Housing Finance securities on its F&O ban list for 19 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 net Rs 970.18 crore, while domestic institutional investors (DII) sold shares worth net Rs 849.96 crore on May 18, according to the provisional data available on the NSE.
Oil prices fell slightly in early Asian trade on Friday as optimism that a U.S. debt default will be avoided weighed against sticky inflation data that could portend more interest rate hikes from global central banks. Brent futures were down 2 cents at $75.84 a barrel as at 0015 GMT. U.S. West Texas Intermediate (WTI) crude fell 10 cents, or 0.043%, to settle at $71.76.
The US market ended the overnight session broadly in green – Dow Jones Industrial Average (DJIA) jumped 0.34%, S&P 500 surged 0.94% and the tech-heavy Nasdaq soared 1.51%.
Asian markets were trading mixed – Hong Kong’s Hang Seng tanked 1.31%, China’s Shanghai Composite index plunged 0.65%, South Korea’s KOSPI climbed 0.48% and Japan’s Nikkei 225 jumped 1%.
The Nifty futures on the Singapore Exchange (SGX) were trading 18 points or 0.10% higher at 18,196.5 in today’s early morning trade.