Nifty trades above 10,500 for the first time since June 24; check what’s moving markets higher today

The markets have successfully crossed the 10450 mark upon opening. This is a bullish signal

Following the favourable global cues, Indian share market benchmarks BSE Sensex and Nifty 50 were trading with nearly one per cent gains on Thursday. Sensex advanced 0.84 per cent or 300 points to trade at 35,713 while the broader Nifty 50 index managed to attain a level above 10,500, to rule at 10,524. Asian markets edged higher in today’s trade on the hopes of coronavirus vaccine. “The markets have successfully crossed the 10450 mark upon opening. This is a bullish signal. We should now be looking at a target of between 10650 – 10700. The support for the market would be 10300,” said Manish Hathiramani, Index Trader and Technical Analyst.

Top BSE Sensex gainers: ONGC, M&M, IndusInd Bank, Infosys, HDFC Bank, HDFC, Titan Company, HCL Tech and State Bank of India are among top Sensex gainers. While Reliance Industries, Hindustan Unilever and Axis Bank were the only losers on the pack.

Banks, financial stocks gain: All the 11 sectoral indices were trading in green. Nifty Bank was up 1.19 per cent, Nifty Financial Service was up 0.84 per cent, Nifty Private Bank gained 1.21 per cent.

Trading strategy for the day: “The strategy should be buying on the dip for the day. The trader should concentrate on the intraday and keep lesser money on the table overnight as important data in the US can obstruct bulls march. Hedger should hedge the position specifically if it is short,” said Vishal Wagh, Head of Research, Bonanza Portfolio Ltd.

FII and DII data: On Wednesday, foreign institutional investors (FIIs) sold shares worth Rs 1,696.45 crore, while domestic institutional investors (DIIs) bought shares worth Rs 1,377.13 crore on a net basis, according to the provisional data available on the NSE.

Global markets: Asian stock markets rose in early trade on Thursday on news development of a potential; vaccine. In overnight trade on Wall Street, US stock indices closed higher on optimism over a Covid-19 vaccine being developed by Pfizer and BioNTech. The Dow Jones Industrial Average fell 0.3%, the S&P 500 gained 0.50%, and the Nasdaq Composite added 0.95%.