ETMarkets Evening Podcast: Money, Markets and everything else that matters to your wealth creation
Hi there! Good evening.
This is Abhinav Kaul from ETMarkets.com and I will take you through the motions of Wednesday's session on Dalal Street and will bring you cues and trading tips from market veterans for tomorrow's trade.
The benchmark equity indices continued their winning momentum as the Sensex reclaimed the 30,000 mark and the Nifty50 hit a fresh all-time high of 9,266 before retreating a bit.
The 30-stock pack eventually ended the day at 29,974, a gain of 64 points or 0.21 per cent from Monday’s close. The Nifty50 ended at 9,265, up 27 points, with energy and auto stocks contributing most of the gains. The market was closed on Tuesday on account of a public holiday.
Shares of Reliance Industries rallied for a fifth consecutive trading session on Wednesday to hit Rs 1,400 mark for the first time since May 2008. With this, the company just Rs 13,000 crore away in market value from displacing TCS as the most-valued firm on the Dalal Street.
Realty was the top sectoral gainers of the day, with Unitech, Shobha, Godrej Properties and Indiabulls Real Estate leading the rally.
Shankara Building Products made a stellar debut on BSE by listing at Rs 555, a premium of 20.66 per cent over its issue price of Rs 460 apiece.
Analysts said robust liquidity flow has been driving the rally in domestic stocks. Foreign brokerage CLSA on Wednesday projected the Nifty to hit the 10,000 level in FY18.
Rahul Shah of Motilal Oswal sums up the day’s market proceeding for you in this exclusive chat with ETMarkets.com
Byte of Rahul Shah
The Nifty50, which hit a new record high on Wednesday, has been making higher highs and higher lows for last six sessions and supports are gradually shifting higher. Now it has to hold above 9,250 to extend its upmove towards 9,350 and 9,380 levels, while on the downside multiple supports are seen at 9,218 and 9,191 levels.
On the options front, maximum Put open interest was seen at strike price 9,000 followed by 9,100 strike while maximum Call open interest stood at strike price 9,500 followed by 9,400. Fresh Put writing was seen at strike prices 9,000, 9,100, 9,200 and 9,300 which are supporting the market. Significant Call writing was seen at strike prices 9,500, 9,400 and 9,300. Option writers are writing Calls at strike price 9,300.
Ram Chotwani of GEPL Capital gives you a lowdown on the F&O market.
Byte of Ram Chotwani
The Nifty50 formed a Dragon Fly Doji pattern in which a long lower shadow along with open, high and closing prices are seen around the same levels. This kind of formation suggests that the forces of demand and supply are balancing with each other and the trend is nearing a potential turning point. Besides, one of the momentum oscillators has already generated a sell signal apart from RSI levels, which continued to display negative divergence despite the Nifty50 hitting a new high. Definitely this kind of formation warrants caution on the part of the bulls, who may buy some more time if RBI comes out with ‘please all’ kind of monetary policy.
We have with us Ruchit Jain of Angel Broking to give us some insights on the technical part of Nifty.
Byte of Ruchit Jain
That's all for now folks. Do come back for our pre-market podcast on Thursday morning. Have a great evening ahead!
This is Abhinav Kaul from ETMarkets.com and I will take you through the motions of Wednesday's session on Dalal Street and will bring you cues and trading tips from market veterans for tomorrow's trade.
The benchmark equity indices continued their winning momentum as the Sensex reclaimed the 30,000 mark and the Nifty50 hit a fresh all-time high of 9,266 before retreating a bit.
The 30-stock pack eventually ended the day at 29,974, a gain of 64 points or 0.21 per cent from Monday’s close. The Nifty50 ended at 9,265, up 27 points, with energy and auto stocks contributing most of the gains. The market was closed on Tuesday on account of a public holiday.
Shares of Reliance Industries rallied for a fifth consecutive trading session on Wednesday to hit Rs 1,400 mark for the first time since May 2008. With this, the company just Rs 13,000 crore away in market value from displacing TCS as the most-valued firm on the Dalal Street.
Realty was the top sectoral gainers of the day, with Unitech, Shobha, Godrej Properties and Indiabulls Real Estate leading the rally.
Shankara Building Products made a stellar debut on BSE by listing at Rs 555, a premium of 20.66 per cent over its issue price of Rs 460 apiece.
Analysts said robust liquidity flow has been driving the rally in domestic stocks. Foreign brokerage CLSA on Wednesday projected the Nifty to hit the 10,000 level in FY18.
Rahul Shah of Motilal Oswal sums up the day’s market proceeding for you in this exclusive chat with ETMarkets.com
Byte of Rahul Shah
The Nifty50, which hit a new record high on Wednesday, has been making higher highs and higher lows for last six sessions and supports are gradually shifting higher. Now it has to hold above 9,250 to extend its upmove towards 9,350 and 9,380 levels, while on the downside multiple supports are seen at 9,218 and 9,191 levels.
On the options front, maximum Put open interest was seen at strike price 9,000 followed by 9,100 strike while maximum Call open interest stood at strike price 9,500 followed by 9,400. Fresh Put writing was seen at strike prices 9,000, 9,100, 9,200 and 9,300 which are supporting the market. Significant Call writing was seen at strike prices 9,500, 9,400 and 9,300. Option writers are writing Calls at strike price 9,300.
Ram Chotwani of GEPL Capital gives you a lowdown on the F&O market.
Byte of Ram Chotwani
The Nifty50 formed a Dragon Fly Doji pattern in which a long lower shadow along with open, high and closing prices are seen around the same levels. This kind of formation suggests that the forces of demand and supply are balancing with each other and the trend is nearing a potential turning point. Besides, one of the momentum oscillators has already generated a sell signal apart from RSI levels, which continued to display negative divergence despite the Nifty50 hitting a new high. Definitely this kind of formation warrants caution on the part of the bulls, who may buy some more time if RBI comes out with ‘please all’ kind of monetary policy.
We have with us Ruchit Jain of Angel Broking to give us some insights on the technical part of Nifty.
Byte of Ruchit Jain
That's all for now folks. Do come back for our pre-market podcast on Thursday morning. Have a great evening ahead!
