Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading over 1 per cent down on Friday, after US reported 40-year high inflation. BSE Sensex was hovering around 58300, while Nifty 50 index gave up 17400 level. Tech Mahindra, Infosys, Wipro, Bajaj Finance, HCL Tech, Housing Development Finance Corporation (HDFC), Titan Company, Dr Reddy’s. Reliance Industries Ltd, Bharti Airtel were all top Sensex draggers. Adani Wilmar share price extended rally to the fourth straight session, rising another 7 per cent to a new all-time high of Rs 416.40 apiece. The stock has surged 88 per cent from listing price. All the Nifty sectoral indices were trading in the deep sea of red. Bank Nifty lost over 1%. Nifty IT plunged nearly 3 per cent.
More weakness ahead
“Nifty below 17,430-17,400 support zone opens the way for another 100 point slip. Possible triple century today. Use intraday bounce to create short positions,” said Rahul Sharma, Director & Head – Research, JM Financial.
Gold off highs, may remain under pressure
COMEX gold trades about 0.5% lower near $1826/oz after a near flat close yesterday. Gold trades under pressure as US inflation data and hawkish comments from Fed official has pushed US dollar index higher while bond yields have jumped to 2019 highs. ETF investors have also moved to side-lines after recent inflows. However, supporting price is geopolitical tensions and increasing demand as an inflation hedge. Gold has come off the highs and may remain under pressure as market players assess implication of US inflation data. Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities.
Nifty’s lower and upper range is 17000 and 17800
We resisted at the 17600 level, once again proving that it is a hurdle the index needs to get past on a closing basis. From a medium-term trend perspective, the market has turned sideways. The lower and upper range is 17000 and 17800 respectively and we need to get past either level for a definite trend to emerge. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Nifty resistance at 17800 for this week’s F&O expiry, FIIs remain sellers in Indian equity market On the technical aspect, the three days of continuous buying spree indicates the market uptrend, wherein the key indicators have also turned bullish. As far as levels are concerned, the base for Nifty inched higher to 17500 followed by 17300 on an immediate basis. On the flip side, as the market gains momentum, the recent swing high of 17800 should easily be tested and any breach above the same could direct the index towards the psychological junction of 18000.
Bank Nifty falls over 1%
All the Nifty sectoral indices were trading in the deep sea of red. Bank Nifty lost over 1%. Nifty IT plunged nearly 3 per cent.
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