Will bulls manage to pull Nifty above 18000 amid global headwinds? Key things to know before market opens | The Financial Express

Will bulls manage to pull Nifty above 18000 amid global headwinds? Key things to know before market opens

Trends in SGX Nifty hinted at a flat to positive start for the Indian share market as the Nifty futures were trading around 17,863 levels, up 0.34% on the Singaporean exchange.

Will bulls manage to pull Nifty above 18000 amid global headwinds? Key things to know before market opens
Investors are positive about the India growth story, which is driving markets higher despite several headwinds on the external front

Trends in SGX Nifty hinted at a flat to positive start for the Indian share market as the Nifty futures were trading around 17,863 levels, up 0.34% on the Singaporean exchange. In the previous session, BSE Sensex jumped over 200 points to 59,757, while the NSE Nifty 50 rose 81 points to 17,737. “Investors are positive about the India growth story, which is driving markets higher despite several headwinds on the external front,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities. India VIX, the volatility gauge, is below 17 levels and is supporting the overall positive sentiments in the market, according to analysts.

Key things to know before share market opening bell

Global market watch: Shares in the Asia-Pacific fell ahead of the Bank of Japan’s interest rate decision. Japan’s Nikkei 225 fell 0.63%, while South Korea’s Kospi was slightly lower. The Hang Seng index in Hong Kong dipped 0.1%, and in mainland China, the Shanghai Composite was 0.58% lower. Overnight in the U.S., the Dow Jones Industrial Average rose 0.6% in its fifth straight positive session. The S&P 500 closed 0.6% lower, and the Nasdaq Composite lost 1.6%.

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Nifty technical view: “Zooming into 15 minute chart, we see that though Nifty witnessed selling pressure from the highs, the index recovered from the lows and managed to close with healthy gains. The short-term trend, therefore, remains up as the Nifty has moved above the previous swing high of 17429 and made higher bottoms over the last few weeks. The Nifty has also closed above a downward sloping trend line that has held down the highs of 2021 and 2022,” said Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities.

“The Nifty could now attempt to test the recent highs of 17812-17919. Once these levels are crossed, the Nifty looks set to move higher towards the previous intermediate highs of 18096. The index could witness a mild correction in the very near term. It is important that the Nifty holds above the immediate supports of 17607-17505 for the uptrend to continue,” he added.

Levels to watch for: “The support for Nifty has shifted around 17600 levels while on the upside 17800 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 40600 levels while resistance at 41800 levels. Overall, Nifty has formed a good base around the 17600 level while crossing above the 17800 level will attract fresh buying 180act be act as a hurdle for the upcoming session, “said Palak Kothari, Senior Technical Analyst, Choice Broking.

FII and DII data: Foreign institutional investors (FIIs) net bought shares worth Rs 2,818.40 crore, whereas domestic institutional investors (DIIs) net offloaded shares worth Rs 1,580.10 crore on 27 October, according to the provisional data available on the NSE.

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Q2 Results today: Maruti Suzuki India, Dr Reddy’s Laboratories, JSW Energy, Vedanta, Tata Power Company, Bandhan Bank, Blue Dart Express, CCL Products (India), Dwarikesh Sugar Industries, Eveready Industries India, NIIT, Satin Creditcare Network, Sona BLW Precision Forgings, Sumitomo Chemical India, and TTK Healthcare will announce their September FY23 quarter earnings today.

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First published on: 28-10-2022 at 08:06 IST