Domestic fairness markets rebounded firstly of the weekly futures & choices expiry session yesterday however failed to carry positive aspects forcing headline indices to shut flat. S&P BSE Sensex closed at 55,702, up 33.2 factors or 0.06% whereas the NSE Nifty 50 gained 5 factors or 0.03% to finish at 16,682. Bank Nifty closed with losses. SGX Nifty was down deep in crimson, falling 250 factors, hinting at one other spherical of sell-off on Dalal Street. Global cues have been additionally suggesting a weak begin to the day with Wall Street fairness indices having closed beneath the agency grip of bears.
Global watch: On Wall Street bears ran riot on Thursday. NASDAQ tanked 4.99% whereas the S&P 500 was down 3.57% and the Dow Jones fell 3.12%. Among Asian inventory markets, Shanghai Composite, Hang Seng, Nikkei 225, KOSPI, and KOSAQ have been all deep in crimson. Topix was up with positive aspects.
What do the charts say: On the charts, Nifty 50 shaped an extended damaging candle on Thursday’s chart after an enormous lengthy damaging candle on Wednesday in keeping with Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He added that technically, this means an absence of energy to maintain the highs. “But, it also signals a halt in a sharp follow-through weakness for the day after a sharp downside breakout of the 16800 levels in the previous session.”
Levels to be careful for: The short-term development for the 50-stock Nifty continues to be damaging, mentioned Nagaraj Shetti. “A slide below 16600 levels is expected to open the next lows of 16200 levels in the near term. Any attempt of upside rally could find strong resistance around 16800-17000 levels as per the concept of change in polarity,” he added. Meanwhile, Sumeet Bagadia, Executive Director, Choice Broking mentioned that he expects no main pullback until 16950 ranges are taken off.
FII and DII trades: On Thursday, Foreign Institutional Investors (FII) offered inventory price Rs 2,074 crore whereas Domestic Institutional Investors purchased shares price Rs 2,229 crore.
IPO Watch: LIC IPO sailed via on the second day of sale with Employees of LIC and Policyholders oversubscribing their portion of the problem. Retail buyers have to this point bid for 0.93 instances the quota reserved for them. QIB and NII portion has been bid for 0.40 instances and 0.47 instances, respectively.
Source: www.financialexpress.com”