Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices soared in trade on Friday. NSE Nifty 50 touched a fresh high for the calender year 2023, crossing the 18,500 mark. However, the index gave up that level to close at 18,499, up 0.97%. Sensex surged over 1% intraday, reclaiming and closing above the 62,500 mark. The Nifty FMCG index also added 1.5% intraday, touching a fresh life-time high. The broader markets and sectoral indices also settled in the green, clocking sharp gains. Nifty Media soared 2.35%, Nifty Pharma rose 1.3%, Nifty IT surged 1.5%. The top winners on the Nifty 50 index were Hindalco, Reliance Industries, Divi’s Lab, HCL Tech and UPL. The top losers were ONGC, Grasim, Bharti Airtel, Power Grid and Bajaj Auto.
“We saw a strong recovery from lower levels indicating overall strength in the market. We continue to expect a gradual up-move in the benchmark indices led by support-based buying. A Nifty close above 18400-18450 zones could trigger the next leg of the rally in markets,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
“For the momentum to continue, Nifty needs to sustain a break above 18400–18450 levels. A move beyond these levels would end this consolidation phase and trigger momentum towards new highs for the coming month. On the flip side, 18200 is a significant level, as it coincides with the 20-day exponential moving average (EMA),” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
“Nifty is expected to aim its major hurdles at the 18473 mark. Nifty’s biggest support to watch is at 18181. Only below 18181, expect a waterfall of selling towards Nifty’s psychological 18000 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
“The general picture is positive, and the market will continue to buy on dips until the Nifty’s critical support level of 18050 on the downside is not surpassed. The volume profile indicates Index has strong support around the 18100-18200 zone. Coming to the OI Data, on the call side, the highest OI was observed at 18400 followed by 18500 strike prices while on the put side, the highest OI is at 18200 strike price,” said Deven Mehata, Equity Research Analyst at Choice Broking.
“Nifty formed a bullish candle on daily charts which supports a further uptrend from the current levels. We are of the view that 20-day SMA or 18220 would be the sacrosanct support zone for the bulls. Above the same, the index could retest the level of 18400-18450. On the flip side, below 20-day SMA or 18220 uptrend would be vulnerable. Below the same, the market could slip till 18150-18100,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
NSE Nifty 50 first support at 18246 and then 18191 while resistance at 18375 and then 18450, according to Rahul Sharma, JM Financial.
The National Stock Exchange has no securities on its F&O ban list for 26 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 589.10 crore, while domestic institutional investors (DII) purchased shares worth net Rs 338.44 crore on May 25, according to the provisional data available on the NSE.
Brent crude slipped 4 cents to $76.22 a barrel, while U.S. West Texas Intermediate was up 9 cents, or 0.1%, at $71.92 a barrel.
The US market ended the overnight session mostly in green – Dow Jones Industrial Average (DJIA) fell 0.11%, S&P 500 rose 0.88% and the tech-heavy Nasdaq jumped 1.71%.
Asian markets were trading mixed – Hong Kong’s Hang Seng tanked 1.93%, China’s Shanghai Composite index dipped 0.30%, South Korea’s KOSPI rose 0.10% and Japan’s Nikkei 225 jumped 0.68%.
The Nifty futures on the Singapore Exchange (SGX) were trading 64 points or 0.35% lower at 18,403 in today’s early morning trade.
HDFC, SAIL, Vedanta, Reliance Industries, Vodafone Idea, ONGC and Sun Pharma stocks are in focus today.
The SGX Nifty lost 0.28% in trade on Friday morning, signaling that domestic indices NSE Nifty 50 and BSE Sensex would open on a negative basis. “Global markets maintained their influence, exerting downward pressure on the domestic market in response to weaker cues from the US market and the recession in Germany. However, as US futures rose, propelled by a sharp increase in sales projections from chipmaker Nvidia, the domestic market was able to efficiently recoup its earlier losses,” said Vinod Nair, Head of Research, Geojit Financial Services.