Nifty call:
Strategy: Go short on a fall below 12,600 with a fixed stop-loss.
Supports: 12,600 and 12,550
Resistances: 12,650 and 12,675
Update:
After opening on a record high note, the BSE Sensex index is now trading in red. It is at 43,267.08, drop of 10.57 points or 0.02 per cent. Meanwhile, even NSE Nifty dropped its early gains. The broad benchmark indice is at 12,651.55, fall of 20.45 points or 0.16 per cent.
Nifty Banks, Media and Realty are in the red zone. Pharma and Metal index are on the rise.
Hindalco, Tata Steel and Dr.Reddy's are the top gainers, whereas, IndusInd, Reliance and Tital are the top laggards.
Rupee call:
Following a flat close on Tuesday, the rupee (INR) has opened slighter lower today at 74.17 against the dollar (USD). If bears gain momentum and pull down rupee below the support band of 74.2 and 74.3, it will most likely depreciate to 74.5. Below this level, support lies at 74.7. But if the local currency regains traction and moves up, 74 can be a key barrier for the bulls. A break out of this level can intensify the rally. Resistance levels above 74 can be spotted at 73.85 and 73.7.
Opening bell:
Equity benchmark Sensex rallied over 350 points to hit its record intra-day level on Wednesday, tracking largely positive cues from global markets and strong foreign fund inflow.
After touching its lifetime peak of 43,675.59 in the opening session, the 30-share BSE index was trading 353.60 points or 0.82 per cent higher at 43,631.25.
Similarly, the broader NSE Nifty too touched a fresh high of 12,752.90. Later, it was trading with 108.95 points or 0.86 per cent gain at 12,740.05.
M&M was the top gainer, surging around 4 per cent, followed by Bajaj Finance, Kotak Bank, SBI, ONGC, L&T, Tata Steel, Bajaj Finserv and Maruti.
On the other hand, IndusInd Bank, HUL, PowerGrid, Titan and Nestle India were in the red.
In the previous session, Sensex soared 680.22 points or 1.60 per cent to close above the 43,000-mark for the first time at 43,277.65. The Nifty too ended at its all-time high of 12,631.10, up 170.05 points or 1.36 per cent.
Foreign institutional investors remained net buyers in the capital market as they purchased shares worth Rs 5,627.32 crore on Tuesday, according to provisional exchange data.
Initial trade set up in India continues to look good with major Asian markets are now trading in the green, said Arjun Yash Mahajan Head Institutional Business at Reliance Securities.
“Additionally, NDA’s win in Bihar assembly election and better Q2 earnings bode well for domestic equities,” he said, adding that market valuations at these levels seem to be quite stretched and any sort of negative development may result in sharp reversal.
US equities ended mixed as emerging concerns about the overbought situation in the market after it witnessed a sharp rally in November so far, continued rise in new COVID-19 cases and doubt over the smooth transition to a new government weighed on investors’ sentiment, he noted.
Elsewhere in Asia, bourses in Shanghai, Seoul and Tokyo were trading up to 1.78 per cent higher in mid-session deals driven by hopes that a COVID-19 vaccine will help the global economy return to normal. Hong Kong market was, however, trading in the red.
Meanwhile, international oil benchmark Brent crude was trading 1.10 per cent higher at USD 44.09 per barrel. (PTI)