Share Market News Today | Sensex, Nifty, Share Prices LIVE: Bulls are looking to maintain control on Dalal Street on Monday as benchmark indices Sensex and Nifty 50 are staring at a flat opening amid mixed global cues. SGX Nifty hinted at a flat to positive start as the Nifty futures were trading around 17,919 level on the Singaporean Exchange today. Asian stocks were flat ahead of US inflation data and expectations of rate hike from the Fed. South Korea’s Kospi index fell 1.18%, the Kosdaq was down 1.7%. While Japan’s markets are closed for a public holiday, MSCI’s broadest index of Asia-Pacific shares outside Japan was near flat. The market ended higher on Friday (January 7) amid buying seen in the bank, metal, FMCG and oil & gas stocks.
Shares of Reliance Industries will remain in focus as Mukesh Ambani-led RIL announced late on January 8 that it had entered a pact to acquire New York-based premium luxury hotel the Mandarin Oriental. The acquisition is a part of RIL’s strategy to expand its consumer and hospitality footprint. “RIIHL (Reliance Industrial Investments and Holdings) would acquire the remaining 26.63 percent, based on the same valuation used for the acquisition of the indirect 73.37 percent stake,” RIL said in its regulatory filing. The pact to acquire New York-based premium luxury hotel the Mandarin Oriental is for an equity consideration of around $98.15 million.
“Nifty finds support around 17450 while 18100 will act as resistance. Bank Nifty finds support around 36850 while 37850 will act as resistance on the upside,” said IIFL Securities.
Last week was tremendous for the bulls as Nifty started rallying right from the word go on the first day of the New Year. The index kept the momentum intact throughout the week and is now very close to the 18000 mark again. Post completing the recent corrective phase, the markets have resumed its broader degree uptrend and in just three weeks, the index is back to almost 18000. The short term trend continues to be positive. This week, we could see Nifty testing 18000-18050 which would be the immediate short term hurdle to watch for, said Ruchit Jain, Lead Research, 5paisa.com.
Domestic equity markets have started the new year on a strong footing, gaining nearly 2% each. S&P BSE Sensex closed the last week at 59,744 while NSE Nifty 50 settled at 17,812. Bank Nifty zoomed ahead. This week will mark the beginning of the earnings season for Dalal Street heavyweights with the IT behemoths gearing up to unveil their quarterly performance. Investors will also closely watch inflation figures not just for India but the United States as well. Analysts expect volatility to remain on the higher side and hence suggest a positive yet cautious view.
Nifty logged the best week in 4 months rising 2.6%. Nifty on daily charts however has formed a long legged doji with slightly upward bias. Volume pickup and positive advance decline ratio portend well for the near term. 17944-17655 could be the range for the Nifty in the near term, according to Deepak Jasani, Head of Retail Research, HDFC Securities.
Nifty on the weekly chart formed a long bull candle as per week's close and registered gains for third consecutive weeks. The present weekly market action indicate a negation of bearish weekly pattern of lower highs and lower lows. This is positive indication. The underlying short term trend of Nifty remains positive with high volatility. The uptrend strength remains intact and we are unlikely to see any sharp trended decline from here. Any weakness from here could be a buying opportunity around the crucial support of 17600 levels and we expect further upside from the lower levels. Immediate resistance is placed at 17900. – Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates January 10 Monday
