Global cues buoy indices; realty stocks rise (Ld)

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Mumbai, Oct 22 | Positive Asian markets along with value buying buoyed India’s key equity indices during the early-morning trade session on Friday.

Accordingly, the key two indices — S&P BSE Sensex and NSE Nifty50 — had a gap-up opening.

On the global front, Asian markets rose from the morning levels as Evergrande makes overdue bond payment.

Among domestic sectors, realty and banks made gains whereas metals’ stocks receded.

The 30-scrip sensitive index traded at 61,130.79 points around 12 p.m., up 2 07.29 points or 0.34 per cent.

The 30-scrip sensitive index opened at 61,044.54 points from its previous close of 60,923.50 points.

The NSE Nifty50 traded at 18,208.20, up 30.1 points or 0.16 per cent.

Besides, the NSE Nifty50 opened at 18,230.70 points from its previous close of 18,178.10 points.

“Volumes on the NSE are below recent average so far. Advance decline ratio is sharply positive,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

“Nifty could take further direction post European markets opening, but likely to end in the positive for the day.”

According to Gaurav Garg, Head of Research at CapitalVia Global Research: “The Indian Benchmarks started on a positive note amid mixed global cues. Traders will be taking encouragement with Niti Aayog’s statement that Indian economy is expected to grow 10.5 per cent in the current fiscal.

“Some support might come as rating agency ICRA stated that with half of the 15 high-frequency indicators recovering to the pre-pandemic levels in the second quarter.”

Source: IANS

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Share Market Closing Bell: Nifty ends below 16,100, Sensex falls 303 pts

Share Market Closing Bell: Nifty ends below 16,100, Sensex falls 303 pts

Dalal Street found no relief with incessant sell off during the month. Nifty traded on a bearish note and ended at 16025.80 with loss of 99.35 points or 0.62 percent following weak global cues on Wednesday. While Banknifty closed at 34339.50 on the higher side with marginal gain of 49.35 points.

bhaskarlive market closing

The weakness in US stocks is playing out globally with signs of higher inflation, which has spoiled investors’ appetite for the Indian market as well. Rising India VIX to 25.28 has led Indices to big intraday swings on both sides. Sectorally maximum sectors closed on the negative side as Nifty IT and Nifty Media sheds more than 3 percent each. While Nifty Financial Services ended on a positive side gaining 0.68 percent.

In nifty stocks, NTPC, HDFCLIFE, SBILIFE were the top gainers while ASIANPAINT, ADANIPORT and TECHM were the prime laggards. Coming to the OI Data, on the call side highest OI witnessed at 16200 followed by 16300 strike price while on the put side, the highest OI was at 15800 strike price. Technically, Nifty has formed three black crow patterns in the daily chart suggesting bearishness would remain intact. We expect a rise in volatility as well on monthly expiry day.

Riding against the trend may not be beneficial for short term traders. All major moving averages are lying above 16300 levels. Indicators such as MACD and RSI are still struggling to overcome the oversold zone in the daily time frame. Overall, Nifty is having support at 15800 mark while on the upside 16300 may act as an immediate resistance for monthly expiry. While Banknifty has support around 33500 while resistance is placed at 35200 on the daily chart.

Om Mehra
Research Associate
Choice Broking

Source: Choice India

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