Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices ended Thursday’s session broadly in green. The NSE Nifty 50 jumped 165.95 points or 0.92% to 18,255.8 and BSE Sensex surged 555.95 points or 0.91% to 61,749.25. In sectoral indices, Bank Nifty skyrocketed 372.75 points or 0.86% to43,685.45, Nifty Financial Services soared 297.1 points or 1.55% to 19,479.35 and Nifty PSU Bank zoomed 51.15 points or 1.23% to 4,194.35. The top gainers on Nifty 50 were Adani Enterprises, Bajaj Finance, HDFC, SBI Life and HDFC Bank while the losers were IndusInd Bank, UPL, Nestle India, Power Grid and ITC.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
“Bank Nifty has support around the 42800-43000 zone while resistance is placed at 43800,” said Om Mehra, Equity Research Analyst at Choice Broking.
“Important support zones for Bank Nifty are around 43150 and 43000 below which the bears are likely to become active whereas the resistance is placed at 43350 and 43500 above which will start moving towards 44000. Till the time Bank Nifty is in the range of 43300 and 43000 it is expected to remain volatile as options data is indicating a sideways to bearish trend. Support seen at 43150 and 43000 while resistance at 43350 and 43500,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.
“Nifty has now offset the bearish implication of Engulfing pattern formed on the weekly chart in the previous week. The support for the Nifty is placed at around 18,000 – 17,950 levels and resistance is capped at 18,250 – 18,300 levels. In case the Nifty breaches below 17,950 levels then 17,800 will be the next support zone,” said Rohan Patil, Technical Analyst, SAMCO Securities.
“Nifty managed to close above 18080 levels, which can lead the upswing to accelerate, but one shouldn’t be overly hopeful. OI Data indicates, on the call side the highest OI witnessed at 18200 followed by 18300 strike prices while on the put side, the highest OI remains at 18000 followed by 17900 strike price. Nifty Put Call Ratio stands at 1.02,” said Om Mehra, Equity Research Analyst at Choice Broking.
“On the daily chart, a small red-bodied candle has formed. The sentiment remains positive as the Nifty has sustained above 18000. Over the short term, the index is likely to remain in the range of 18000 and 18200. A decisive move above 18200, may take the index towards 18500,” said Rupak De, Senior Technical Analyst at LKP Securities.
“The hourly Bollinger bands are contracting, and the hourly momentum indicator has a negative crossover which suggests consolidation is likely. Overall, the uptrend is still intact, and this consolidation should be taken as an opportunity to create fresh long positions. On the downside Nifty’s crucial support zone is placed at 18000–17960 while the gap area formed yesterday between 18115–18130 shall act as an immediate hurdle zone,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“Nifty’s immediate support range is 18100 to 18040 and if this breaks down and sustains below this level, the next important support level is 17970. 18175 and 18250 will be major resistance points for buyers and if this level breaks out and the price sustains above this level, our next resistances will be 18320/18415,” said V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT).
“If Nifty holds above the 18200 level on a closing basis, it should continue to trend upwards. The major resistance is at the 18200 level. While on the downside, support is placed at 18,000, followed by 17,860 & 17700,” said Rohan Shah, head technical analyst at Stoxbox.
“Nifty has a critical supply zone at 18181–18230, where we can expect some pullback, but bulls will remain in the driver’s seat till the Nifty holds the 17770 level,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Nifty 50: Range of 18,000 to 18,200 for the day; no directional cues.
Bank Nifty: BN data is relatively better. Look to buy on dips around 43,000
– Rahul Sharma, Director, JM Financial
Nifty 50 options data is bearish with support at 18,000, and PCR (put-call ratio) at 1.02. Open interest on Nifty 50 remained flat, with higher volumes.
Bank Nifty options data is bullish, with PCR at 1.09. Open interest in Bank Nifty remained flat, higher volumes.
– Rahul Sharma, Director, JM Financial
The short-term trend of Nifty seems to have cooled off after a decent upside movement. There is a possibility of further consolidation or minor weakness for the next 1-2 sessions before showing upside bounce from the higher lows. Immediate support is at 17900 levels. – HDFC Securities
The bullish sequence of higher tops and bottoms is intact and Tuesday's high of 18180 levels could now be considered as a new higher top of the sequence. Present minor weakness or consolidation movement could end up with the formation of another higher bottom at the lows. Hence, the present weakness with range movement could be a buy on dips opportunity. – HDFC Securities
The support for the Nifty is placed at around 18,000 – 17,950 levels and resistance is capped at 18,250 – 18,300 levels. In case the Nifty breaches below 17,950 levels then 17,800 will be the next support zone. – SAMCO Securities
Open Interest data suggesting sideways action for now, 18,100 and 18,200 are major hurdles, and 18,000 important support selling options for range as of now. Nifty has now offset the bearish implication of Engulfing pattern formed on the weekly chart in the previous week. – SAMCO Securities
Nifty has rallied more than 500 points in the last 6 trading sessions without giving any meaningfull correction. Oscillators in a lower time frame have reached the overbought zone and a profit booking at the current level cannot be ruled out. – SAMCO Securities
Hong Kong's Hang Seng jumped as much as 1.3% to 19960 points on Thursday morning, shortly after a muted opening. China's Shanghai Composite was trading up 0.7% to 3345 points, bouncing from the red earlier in the morning. Japan's Nikkei 225 remained closed on Thursday.
Asian markets were trading mostly in red, with South Korea’s KOSPI falling 0.57%, China’s Shanghai Composite Index dropping 0.20% and Hong Kong’s Hang Seng rising 0.25%. Japan’s Nikkei 225 remained closed on Thursday.
The US market ended the overnight session in red after US Fed hiked interest rate by 25 bps– Dow Jones Industrial Average (DJIA) tanked 0.8%, S&P 500 plunged 0.7% and the tech-heavy Nasdaq tumbled 0.46%.
The Nifty futures on the Singapore Exchange (SGX) were trading 57 points or 0.32% lower at 18,103 in today’s early morning trade.