Stock market today: What SGX Nifty, other factors indicate for Thursday's trade
Premium- The BSE Sensex surged 1,039.8 points to finish at 56,816 and Nifty jumped 1.87% to 16,975 on Wednesday
Equity indices roared back on Wednesday after a day's pause on across-the-board buying. The BSE Sensex surged 1,039.80 points or 1.86% to finish at 56,816. Likewise, the broader NSE Nifty jumped 312.35 points or 1.87% to 16,975.
The US Federal Reserve raised rates by a quarter percentage point and signaled hikes at all six remaining meetings in 2022. Chair Jerome Powell said the US economy is ‘very strong’ and can handle monetary tightening. Asian stocks rose on Thursday after the Fed outcome. Meanwhile, SGX Nifty indicates a positive start for the Indian indices today.
Index key levels to watch
"Nifty is marginally below 17,000 mark and is now above the 200 DEMA and also its resistance zone of 16,800. Even India VIX has cooled off significantly to 24.12 from a high of 33.97, thus supporting the bullish sentiments. Also, we are witnessing increasing interest for beaten down sectors like Banking, Auto and Cement sectors," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
“The market ended with a decent gain after a bearish closing in the previous session. However, the recovery has taken the Nifty towards the 200 days moving average. Now, as long as the Nifty remains below 200DMA we may expect choppiness in the market. On the lower end, support is seen at 16600 whereas on the higher end, 17000 is likely to act as resistance on closing basis," said Rupak De, Senior Technical Analyst at LKP Securities.
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"Having placed at the edge of 17K mark, the stage is set for the Nifty to witness an excellent upside breakout of 17000-17050 levels in the short term. A sustainable move above this area is expected to result in a decisive follow through upmoves in the market. Any failure could result in minor weakness or consolidation at the highs. Immediate support is placed at 16830 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
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