Stock market today: What Sensex, Nifty's key levels signal for Wednesday's trade
Premium- The BSE Sensex closed up by 696.8 points at 57,989 whereas NSE Nifty climbed 1% to finish at 17,315 on Tuesday
Benchmark stock indices Sensex and Nifty bounced back to close over 1 per cent higher on Tuesday, riding on gains in Reliance Industries, Infosys and TCS amid a recovery in global equities. The BSE Sensex closed up by 696.8 points at 57,989 whereas NSE Nifty climbed 1% to finish at 17,315.
Asian stocks gained on Wednesday. Meanwhile, SGX Nifty indicates a positive start for the Indian stock market today. Singapore Nifty (SGX Nifty) is the Indian Nifty that is traded in Singapore Stock Exchange and is considered to be the first indication of the Indian markets opening.
"Domestically, Nifty has been moving in a range of 350 points (between 17,000-17,350) in the last 3 days. Any positive development on the Russia-Ukraine issue can revive market momentum. Above 17,350, we can see Nifty to move towards 17,500-17,750 zones. Accordingly we expect Index heavyweights like Reliance, Banking stocks to do well. Select Midcap IT stocks are also witnessing strong momentum," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
“The positive sequence like higher highs and lows is intact on the daily chart and Tuesday's swing low of 17,006 levels could now be considered as a new higher bottom of the sequence. Hence, more upside is likely from here. Nifty bounced back sharply after a small downward correction. The overall chart pattern indicate next upside of around 17,500 in the short term and one may expect further upside targets of around 17,800-18,000 levels in the near term. Immediate support is placed at 17,200," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
MINT PREMIUM See All
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
Never miss a story! Stay connected and informed with Mint. Download our App Now!!