Market LIVE: Sensex touches 58000, Nifty needs to hold above 17200 for further upside

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices were trading with gains on Thursday. Broader markets mirrored the up-move.

Share Market Today, Share Market Live
India VIX was trading flat on Thursday. (Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets were trading with gains on Thursday as bulls attempted to come back on Dalal Street. S&P BSE Sensex was up 350 points regaining 58,000 while NSE Nifty 50 neared 17,300. Bank Nifty was trading flat, moving between gains and losses. Broader markets were mirroring the benchmark indices. Power Grid was the top index gainer, up nearly 3%, followed by HDFC, M&M, and Titan. Axis Bank and ICICI Bank were the top laggards, down nearly 0.90% each, accompanied by Larsen & Toubro, and SBI.

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Highlights

    10:06 (IST)02 Dec 2021
    Far from restarting the up-move

    “The index continues its positive trajectory since yesterday. We are still far from restarting the up move. The Nifty needs to trade above 17400-17500 for the short-term trend to change in favor of the bulls. Until then the bias continues to be on the downside,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

    10:02 (IST)02 Dec 2021
    Significant portfolio returns possible if investors remain unnerved by 5-10% corrections

    India’s economic recovery has been stronger than initially anticipated. The IMF has retained its GDP projections of India in the current fiscal year at 9.5% and 8.5% growth for the next year, retaining the tag of one of the fastest growing economies. Globally, the economic recovery continued, but at a slower pace. Global economy is projected to grow at 5.9% in the current year and 4.9 in the next year, a downgrade from the earlier projection. This downgrade is partly due to the supply chain disruption for the advanced economies in hand with the pandemic disruptions for other nations. 

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    09:30 (IST)02 Dec 2021
    Nifty needs to hold above 17000 to avoid change in trend

    “Nifty needs to cross 17200 for more upside while 17000 needs to be defended to avoid any change in trend. Intraday support placed at 17065 and 17100,” said Rahul Sharma, Director & Head – Research, JM Financial.

    09:18 (IST)02 Dec 2021
    OPENING BELL

    Domestic benchmark indices started Thursday’s session with gains despite weak global cues. Bank Nifty was trading in the red. 

    09:10 (IST)02 Dec 2021
    Nifty finds support around 16900

    Nifty finds support around 16900 while 17324 will act as resistance. Bank Nifty finds support around 35650 while 36800 will act as resistance on the upside.

    ~ IIFL Securities

    09:00 (IST)02 Dec 2021
    Pre-open

    Sensex sits with gains in pre-open session, nears 58000 mark while Nifty 50 was down in the red. 

    08:53 (IST)02 Dec 2021
    Two stocks to buy for near term gains while Nifty continues to trade with weak bias

    Over the last few weeks, the Nifty has been in correction mode. The downtrend was confirmed when the support of 17613 was broken. On daily chart, we see that Nifty remains in a downtrend despite the bounces seen in last two sessions. The index continues to make lower tops and lower bottoms for the last few weeks. The 20 day SMA also continues to trade below 50 day SMA, indicating a negative moving average crossover. Weekly momentum readings like the 14-week RSI are in decline mode.

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    08:42 (IST)02 Dec 2021
    Reliance Industries, Bharti Airtel, Maruti Suzuki India, Tata Power among stocks in focus today

    Domestic markets moved higher on Wednesday helped by positive economic data but charts are still showing a bearish bias. “The overall negative chart set up remains intact and further upside from here could encounter strong overhead resistance around 17300-17400 levels in the next 1-2 sessions, before showing another round of weakness from the highs. Immediate support is placed at 17080 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. Global markets are still rattled by the new covid-19 variant, forcing analysts to advise investors to stay cautious and wait for further clarity.

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    08:05 (IST)02 Dec 2021
    Short covering in banking space lead indices higher

    From the recent swing low of 16780, Nifty has seen a pullback move in last couple of sessions. Although, the volatility has been higher because of nervousness seen in the global markets. In last couple of days, FII’s have covered some of their shorts and have formed longs in the index futures segment. They have been buyers in the stock futures segment too which has supported this pullback. As per the options segment, 17100-17000 will be seen as the immediate support for Nifty now while 17300 is the immediate resistance. A move beyond this range would then lead to a short term directional move.

    The banking index which had seen an underperformance recently, witnessed some short covering as the index has managed to take support around its 200 DMA. Looking at the data, we expect Nifty to head towards 17250-17300 on the weekly expiry day.  However, from a positional perspective, the index needs to close above 17300 for a broader market participation.

    ~ Ruchit Jain, Trading Strategist, 5paisa.com

    08:03 (IST)02 Dec 2021
    Nifty needs to hold above 17200 to touch 17350-17500, Bank Nifty may reach 37000 if it holds 36500

    Nifty 50 index opened positive on Wednesday and gained strength as recovery was seen despite hurdles at key levels. It remained within the range of yesterday’s candle and closed with gains of around 180 points. It comparatively remained less volatile and formed a small-bodied Bullish candle on the daily scale.

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    07:29 (IST)02 Dec 2021
    Star Health IPO subscribed 20% on Day 2

    The initial public offering by Star Health Insurance was subscribed just 20% on the second day of bidding on Wednesday, following a 12% subscription on the first day. The retail portion was subscribed 89% on the second day, while demand from qualified investors remained muted.

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    07:29 (IST)02 Dec 2021
    Robust GST collections, PMI rise signal upswing

    A day after the official data revealed India’s gross domestic product (GDP) expanded by 8.4% in Q2FY22, more than restoring the value lost in the year-ago quarter but not indicating definite signs of acceleration in key segments like consumption, manufacturing, construction and private capex, a few high-frequency economic indicators sent ambivalent signals on Wednesday. Gross GST mop-up was Rs 1,31,526 crore in November (October sales), the second highest in the history of the comprehensive indirect tax that was launched in July 2017, but was still a tad lower than many analysts’ forecast.

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