Asian stock markets were trading higher in early deals on MondayShare Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were set to open in the positive territory on Monday. In the early morning deals, SGX Nifty was up over half a per cent. Nifty futures were trading 77 points higher at 11,846 on Singaporean Exchange. In the previous week, the Sensex lost 526.51 points or 1.29 per cent. According to the analysts, concerns over a resurgence in COVID-19 cases may play in investors mind this week as well. Investors are also expected to witnessprofit-booking at higher levels. Besides, equity markets are likely to be guided by quarterly earnings data, coronavirus-related updates, oil prices, rupee movement and other global trends. Asian stock markets were trading higher in early deals on Monday with Hong Kong’s Hang Seng index up 1.47 per cent. Japan’s Nikkei 225 rose 1.22 per cent while the Topix index added 1.42 per cent. The S&P 500 posted a nominal gain in overnight trade on Friday. The Dow Jones Industrial Average rose 0.39 per cent, the S&P 500 gained 0.01 per cent, and the Nasdaq Composite dropped 0.36 per cent.
HDFC Bank on Saturday reported an 18.4 per cent on-year growth in net profit for the quarter ended September at Rs 7,513 crore on the back of a 16.77 per cent on-year rise in net interest income (NII) to Rs 15,776 crore, with non-interest income growing 9 per cent on-year.
Highlights
The recent fall has derailed the momentum and indications are in the favour of consolidation in Nifty ahead. It has critical support at 11,600 and its breakdown could result in a further slide to 11,400. On the flip side, the 11,850-12,100 zone would act as a hurdle in case of a rebound: Ajit Mishra, VP - Research, Religare Broking Ltd
Banknifty has witnessed resistance at 24180. It is also clustering around 200 EMA. Any big move in it possible only above 24180 or below 22970. One can utilize a range of 22970 and 24180 for trading purposes: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd
The Nifty has given 11 consecutive green close last week before selloff on Thursday. Thursday was a big candle day that engulfed a ranged of the previous four days. This is a rare pattern but repeated a third time this year. In the previous two times, it has given a good correction. This time till low is not broken so for going short one needs to wait for the level of 11663 to get penetrated before any big downside. On the higher side, 12026 will work as resistance: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd
Sensex and Nifty slipped over 1.8% each in the previous week as they battled weak global cues that were marred with volatility. However, Friday’s up-move, which was supported by broader markets, sent signals that stock markets might witness upside bounce. “The negative implication after the formation of the bearish engulfing pattern of Thursday remains intact, as long as the high of that pattern is protected at 12025. Friday's upside bounce could provide opportunity for sell on rise,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. On the weekly charts, a reasonable negative candle was formed, signalling strength of recent upside bounce.
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HDFC Bank on Saturday reported an 18.4% year-on-year (y-o-y) growth in net profit for the quarter ended September to Rs 7,513 crore on the back of a 16.77% y-o-y rise in net interest income (NII) to Rs 15,776 crore, with non-interest income growing 9% y-o-y. However, the bank’s provisions rose 37% y-o-y to Rs 3,703.5 crore.
The S&P 500 posted a nominal gain in overnight trade on Friday. The Dow Jones Industrial Average rose 0.39 per cent, the S&P 500 gained 0.01 per cent, and the Nasdaq Composite dropped 0.36 per cent.
Asian stock markets were trading higher in early deals on Monday with Hong Kong’s Hang Seng index up 1.47 per cent. Japan’s Nikkei 225 rose 1.22 per cent while the Topix index added 1.42 per cent.