Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices ended Tuesday’s session in the green territory. The NSE Nifty 50 jumped 82.65 points or 0.46% to 18,147.65 and BSE Sensex surged 242.27 points or 0.40% to 61,354.71. In sectoral indices, Bank Nifty climbed 118.2 points or 0.27% to 43,352.1, Nifty Auto rose 93.9 points or 0.71% to 13,283.15 and Nifty IT skyrocketed 316.8 points or 1.14% to 28,025. The top gainers on Nifty 50 were ONGC, Tech Mahindra, HDFC Life, NTPC and Hindalco while the top losers were HeroMotocorp, Sun Pharma, UltraTech Cement, Bharti AIrtel and Kotak Bank.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
“On the higher end, Nifty might continue its upward journey till it holds above 18000 on a closing basis. Resistance on the higher end is placed at 18200, above which a further rally might come,” said Rupak De, Senior Technical Analyst at LKP Securities.
“As long as the Nifty continues to trade above the 17800–17780 support zone we expect the positive momentum to continue. Overall, the positive outlook remains intact and a close above 18100 shall lead to a further upside till 18370 where resistance in the form of the weekly upper Bollinger band is placed,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“Nifty is looking to pave the way for 18200-18260 following the neckline breakout of an inverse head and shoulder pattern on the daily chart. On the downside, 17900-17880 will act as immediate support where fresh buying can be witnessed. Any decisive fall below 17880 will extend such recession for 17770 and then 17650,” said Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.
“Avoid Short Position until Nifty is trading above 17820, this a strong support for this bullish movement. Buying on dips will work. Nifty support range is 17950, 17885 to 17820 (Strong Support). Nifty next possible targets are 18125, 18170 and 18200 which will act as resistance too,” said Ashish N. Ambala, Sr. Technical Analyst, Stock Market Today (SMT).
“Nifty is in strong bullish momentum, having witnessed a breakout of an inverse head & shoulders formation. Above 18200 levels, 18350 will be the next target level. On the downside, 17860 and 17820 will act as immediate support levels,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
Avoid chasing gap-up & look to buy on intraday dips. Multiple resistance zone at 18200-18265. Nifty first support at 18000 and then 17885 while resistance at 18135 and 18200, according to Rahul Sharma, JM Financial.
Technical View: Nifty 50 is likely to find support at around 17850, while 18350 is likely to act as resistance. Bank Nifty is likely to find support at around 42900, while 43900 is likely to act as resistance on the upside. – IIFL Securities
“Markets may start on a cautious note amid fall in SGX Nifty and overnight weakness in the US markets. But recovery in other key Asian gauges could provide some relief to investors. Adding to the recent optimism would be the robust monthly GST numbers, which hit a new all-time high in terms of collections in April, indicating that the domestic economy continues to be on strong footing despite global macroeconomic challenges. However, some amount of caution could prevail after the last week's upsurge and it wouldn't be surprising if profit-taking comes into play. Technically, the Nifty options data suggests Nifty is likely to be in a trading range of 17800-18500 zone,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
The National Stock Exchange has put any stock to its F&O ban list for May 2. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
Foreign institutional investors (FII) bought shares worth a net Rs 3,304.32 crore, while domestic institutional investors (DII) purchased shares worth a net Rs 264.27 crore on April 28.
The US market ended the overnight session in red– Dow Jones Industrial Average (DJIA) fell 0.14%, S&P 500 dipped 0.04% and the tech-heavy Nasdaq tumbled 0.11%.
Asian markets were trading mostly in green with South Korea’s KOSPI rising 0.54%, Hong Kong’s Hang Seng jumping 0.14% while Japan’s Nikkei 225 fell 0.19%. China’s Shanghai Composite Index remained closed on Tuesday.
The Nifty futures on the Singapore Exchange (SGX) were trading 35 points or 0.19% lower at 18,237 in today’s early morning trade.