Share Market News Today | Sensex, Nifty, Share Prices Highlights: Benchmark indices pared gains and ended Thursday’s session in the red. The NSE Nifty 50 fell 51.8 points or 0.28% to 18,129.95 and BSE Sensex dipped 128 points or 0.21% to 61,431.74. In sectoral indices, Bank Nifty rose 53.6 points or 0.12% to 43,752.3, Nifty Auto fell 0.88%, Nifty FMCG tanked 1.10%, Nifty Pharma plunged 1.27%, Nifty PSU Bank tumbled dropped 1.90%, Nifty Oil & Gas decreased 1.10% and Nifty Realty tumbled 2.37%. The top gainers on Nifty 50 were Bajaj Finance, Bharti Airtel, Kotak Bank, ICICI Bank and HCL Technologies while the losers were Divis Lab, Adani Ports, ITC, SBIN and Power Grid.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
Bank Nifty first support at 43487 and then 43231 and resistance at 43977 and then 44211, according to Rahul Sharma, JM Financial.
“Global markets are seeing a selloff as the debt ceiling negotiations continue. Investors remain cautious as the US faces the possibility of defaulting at the start of June. On the domestic front, Nifty is now facing resistance at ~18300, after moving in the last few days. We expect some consolidation over the next few days before a fresh leg of the rally starts,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal Financial Services Ltd.
“The daily chart’s profit-taking is likely to continue. Above 18460, Nifty might face resistance with immediate support visible at 18100. Therefore, the index is expected to keep rising in the future until the index surpasses 18,460. On the downside, support lies at 18,100, followed by 18,030 and 18,000,” said Rohan Shah, head technical analyst at Stoxbox.
“Amid the selling pressure the Nifty has managed to hold on to the crucial support level of 18100, until the Nifty manages to stay above this level the uptrend is intact. On the flip side, there are multiple support parameters in the form of the 20-day moving average (18053) and the 38.2% Fibonacci retracement level (18113) of the rise from 17553–18459 are placed which shall provide cushion and restrict a deep correction,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“Nifty has breached the crucial support level of 18250 and also formed a bearish candle on daily charts which is largely negative. For traders 18250 and 18300 would act as an immediate resistance area while 18100-18050 could be important support levels for the bulls,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
“On an immediate basis, a post-correction pullback may take the Nifty back to 18300, where bears might be awaiting to re-enter the market. A rejection from the 18300 may trigger selling pressure once again. Immediate support is visible at 18100,” said Rupak De, Senior Technical Analyst at LKP Securities.
“NSE Nifty 50 breached a crucial support level at 18211 on Wednesday, indicating further downward movement ahead. Below 18211, a cascade of selling towards the 17837 mark may unfold. However, on the upside, the Nifty encounters formidable obstacles at the 18473 mark. In these uncertain times, caution becomes the prevailing sentiment,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
“Profit booking extended yesterday in key indices but it was small caps which continued to do well. VIX did not rise in spite of the correction in the market means the downside should be limited. NSE Nifty 50 has a positive bias above 18225. Nifty first support at 18100 and then 17950 while resistance at 18225 and then 18325,” said Rahul Sharma, JM Financial.
The National Stock Exchange has Delta Corp, Balrampur Chini Mills, Mannappuram Finance, GNFC and Punjab National Bank, Aditya Birla Fashion and Retail and LIC Housing Finance securities on its F&O ban list for 18 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 149.33 crore, while domestic institutional investors (DII) sold shares worth net Rs 203.87 crore on May 17, according to the provisional data available on the NSE.
Oil prices edged lower on Thursday, easing on concerns over plentiful supply after surging nearly 3% during the previous session. Brent crude futures dipped 24 cents to $76.72 a barrel. U.S. West Texas Intermediate crude dropped 21 cents to $72.62. Both benchmarks rose nearly 3% on Wednesday on optimism over oil demand and U.S. debt ceiling negotiations.
The US market ended the overnight session broadly in green – Dow Jones Industrial Average (DJIA) jumped 1.24%, S&P 500 surged 1.19% and the tech-heavy Nasdaq soared 1.28%.
Asian markets were trading higher – Hong Kong’s Hang Seng rose 0.78%, China’s Shanghai Composite index climbed 0.58%, South Korea’s KOSPI was up 0.47% and Japan’s Nikkei 225 jumped 1.24%.
The Nifty futures on the Singapore Exchange (SGX) were trading 33 points or 0.18% higher at 18,265 in today’s early morning trade.