Global cues were mixed as Dow Jones and S&P 500 gained while NASDAQ closed with losses during the previous session. (Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic markets recouped all intra-day losses in the dying hours of trade on Tuesday and managed to close with gains. S&P BSE Sensex added 198 points or 0.34% to end at 58,664 while the broader NSE Nifty 50 jumped 86.8 points or 0.50% to finish the day at 17,503. Broader markets outperformed. Entering Wednesday’s trading session, SGX Nifty was comfortably in the green, hinting at a continuation of yesterday’s positive momentum. Global cues were mixed as Dow Jones and S&P 500 gained while NASDAQ closed with losses during the previous session. Among Asian peers, Shanghai Composite and Hang Seng were up with gains while Topix, Nikkei 225, KOSPI, and KOSDAQ were down in red.
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Highlights
Sensex was down from initial pre-open highs, but still in green while Nifty 50 was trading flat with positive bias.
Sensex zooms past the 59,000 mark in the pre-open session while Nifty 50 was below 17400 as benchmark indices moved in either direction.
"We may see a positive start today but follow up buying along with good market breadth is a must for it to confirm a reversal. Failing to do so we may see a support area of 17,200-17,125 being tested. Resistance Levels are seen at 17,553 and 17,640," said Rahul Sharma, Director & Head - Research, JM Financial.
The benchmark indices witnessed a sharp recovery rally, after a volatile trading session the Nifty ends 68 points higher while the Sensex was up by 141 points. After a weak opening, finally the Nifty took the support near 17200/57700 and reversed sharply. Among sectors, strong buying interest was seen in Metal stocks, as a result, the Nifty Metal index rallied nearly 3.5 percent.
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"Nifty is expected to open positive at 17560, up by 60 points. Nifty will face resistance in the 17600-17650 range. Overall the trend in Nifty is weak and traders are suggested to exit long positions either on rallies or with strict stop-loss. Nifty has strong support in the 17200-17250 range." said Gaurav Udani, CEO & Founder, ThincRedBlu Securities.
On the technical front, chartists say, domestic markets are still not out of the bearish grip and advise trading with extreme caution. “While we closed in the green, it cannot be summarized that we are out of the bearish woods. The Nifty would need to get past the 17800-17900 levels to restart the upward trajectory,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments. He added that until said levels are crossed, markets are sensitive to price and volume and a little shift in the sentiment can result in a downward spiral which can take the index to 16900-17000.
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“Structurally, our view remains bullish on the Indian equities. However, in the near term, there are signs of some exhaustion in the equity rally after the ferocious rise seen over the past few months. FII inflows have also paused after hefty buying in August and September. This can be attributed to expectations of faster than expected normalisation of the Fed’s monetary policy. Recent FII outflows can also be seen as a year-end phenomenon, but the flows are expected to return next year. There is pressure on a few heavyweights like Reliance, which is dragging the benchmark index down. Having said that the correction which we have seen in Nifty and Sensex is of a lower magnitude when compared with the base levels during the past. So, the hue and cry over the ongoing correction seem to be overblown. Nevertheless, the markets are certainly taking a pause and the correction could extend by another 5%. On the broader perspective, we reiterate our bullish stance, with our positive rationale very much in place. We see Nifty during 2022 at much higher levels than 2021.”
~ Amar Ambani, Head – Institutional Equities, YES SECURITIES
“Index witnessed some pullback and closed a day at 17503 with gains of half percent & formed bullish candle after five consecutive red candles. The index has formed stiff hurdle around 17550-17650 zone & logs need to watch said levels carefully if nifty managed to sustain above 17650 zone then one can expect a good pullback towards 17800-18000 mark but if it fails to sustain again we may see profit booking which can push index towards support zone of 17400-17300 zone.”
~ Rohit Singre, Senior Technical Analyst at LKP Securities
SGX NIfty was up 60 points ahead of the opening bell on Wednesday, hinting at a positive opening for domestic equities.