Equities reverse from sharp decline

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New Delhi, Jan 25 | After a sharp freefall on Monday due to heavy fund outflows by foreign institutional investors as well as fears of policy tightening ahead of the US Fed’s monetary policy meeting, Indian equities rose marginally in early trade on Tuesday.

The gains came after five consecutive sessions fall in the indices.

On Monday, Senses and Nifty declined around 2.6 per cent each as FIIs sold portfolios worth Rs 3,751.58 crore on BSE, NSE and MSEI in the capital market segment, data revealed.

At 10.00 a.m., Sensex traded at 57,565 points, up 0.1 per cent from the previous close of 57,491 points. It opened at 57,158 points.

Nifty traded at 17,188 points, up 0.2 per cent from the previous close of 17,149 points. It opened at 17,001 points.

On the stocks front, Axis Bank, JSW Steel, Bharti Airtel, Hero Motocorp, Power Grid Corporation were the top gainers, while Reliance Industries, Asian Paints, HDFC, HDFC Bank, Wipro were the top losers in the morning session.

“Nifty stares at the prospects of extending downsides aiming for the recent low of 16,410, or even 15,900. Reversal prospects rest on the ability to stage a close above 16,820 today. Prospects of an intraday bounce back will brighten on push above 17,115, but expect 17,240-390 to keep a lid,” said Anand James – Chief Market Strategist at Geojit Financial Services.

Source: IANS

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Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

The benchmark Indices Nifty started on the positive side after continuous sell off in last week and has managed to settle at 15842.30 with 60 point gain or 0.38 percent. However Nifty has failed to regain 16000 levels prior to LIC listing.

While Bank nifty has managed to settle at 33597.60 levels after gaining 1.44 percent. On the sectoral front, Nifty PSU Bank, Nifty Realty and Auto have contributed 2-3 percent gain on closing basis. On the flip side Nifty IT and FMCG ended with losses of 0.75 percent and 0.35 respectively. In Nifty, EICHERMOT, APOLLOHOSP and UPL were the top gainers while ULTRACEMCO, SHREECEM and ASIANPAINT were the prime laggards.

Technically, after forming the bearish candle on the weekly chart, the index has formed a Doji candlestick on the daily chart which shows indecisiveness among the trades. Moreover, the index has also faced a resistance from falling trend lines and showed profit booking from higher levels. However, Fibonacci retrenchment also has support around 15650 levels.

Traders may find buying opportunities for short term as if 15650 levels is protected. In the hourly chart, with support of the middle Bollinger band short term upside movement is expected. Stock specific action would drive the market in coming days too.

On the derivatives front, the highest call OI is at 16000 strike price followed by 16200 strike prices while on the put side, highest OI is at 15500 strike price. INDIA VIX closed at 24.53 with gain of 4.43 percent intraday indicating volatility is going to remain till weekly expiry . On the other hand, Bank nifty has support at 32600 levels while resistance is placed at 34500 levels.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

 

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