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Share Market LIVE: Sensex gives up intra-day high, trades flat, bulls to return if Nifty closes above 17500 – Financial Express

India VIX was over 5% down in red.
(Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic market started the day with gains as bulls attempted to make a comeback. S&P BSE Sensex added more than 300 points to regain 57,600while NSE Nifty 50 gained more than 100 points to breach 17,100. Power Grid was the top Sensex gainer, up 3.5%, followed by Titan, State Bank of India, and Bajaj Finance. Dr Reddy and Hindustan Unilever were the only two stocks to be trading with losses. Bank Nifty was up 0.8% while India VIX was down more than 5%.

Sensex and Nifty bounced back swiftly from lows and turned green again. Sensex was up 20 points while Nifty added 3 points. 

Sensex and Nifty gave up morning gains to turn red. Sensex was down nearly 200 points while Nifty 50 was struggling to hold 17000.

Bank Nifty was up 1.5% on Tuesday sitting near 36,500 levels. The index was led by RBL Bank and Bandhan Bank, both up 4% each.

“Upon opening, the market has bounced today. Whether it is short covering or a dead cat bounce is still to be ascertained. The markets are still in negative territory and unless we do not close above 17500 on the Nifty, the short-term trend does not change,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

Go Fashion (India) shares listed on the stock exchanges today at a sharp premium amid bullish market momentum. Go Fashion stocks opened for trade at Rs 1,316 per share, up Rs 626 apiece or 90.72% from the upper end of the IPO price band of Rs 655-690 per share. 

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Power Grid was the top Sensex gainer, up 3.5%, followed by Titan, State Bank of India, and Bajaj Finance.

Domestic benchmark indices started Tuesday’s trade in the positive territory. Bank Nifty was up 0.5% while India VIX was down 6%.

“A Doji candle on daily charts + bullish divergence on the hourly charts indicate a decent bounce back on the cards. If we managed to stay above 17000, we should see 17300/17500 soon. Alternatively, if 16950 is broken then we may see another round of down-move until 16,700,” said Rahul Sharma, Director & Head Research, JM Financial.

Sensex and Nifty were down with negative bias on Tuesday morning ahead of the opening bell. Nifty was holding above 17000.

Nifty finds support around 16800 while 17300 will act as resistance. Bank Nifty finds support around 35450 while 36800 will act as resistance on the upside.

~ IIFL Securities

“Nifty futures witnessed flat OI activity while Bank Nifty futures saw short covering of around 9%. Options concentration is seen at 17000 Puts and 17300/17500 Calls,” said Rahul Sharma, Director & Head – Research, JM Financial.

Nifty is likely to open on a flat note tracking mixed Asian cues. We expect volatility to remain high with key support around 16900 amid oversold placement of weekly stochastic oscillator (placed at 12). Hence, use dips towards 16920-16952 for creating long position for target of 17033.

~ ICICI Direct

Sensex trades with gains in pre-open session while Nifty 50 was below the 17000 mark.

“On the technical front, the key resistance levels for Nifty 50 are 17215 followed by 17380 and on the downside 16840 followed by 16620 can act as strong support. Key resistance and support levels for Bank Nifty are 36440 and 35420 respectively,” said Mohit Nigam, Head – PMS, Hem Securities.

For Nifty, the immediate resistance is seen in the range of 17200 – 17300 and with a slightly broader view, till the time we do not move beyond 17600, we are not out of the woods yet. On the flipside, today’s low around 16800 would be seen as a key support. We still reiterate that traders should avoid getting carried away by in between rebounds as we expect the continuation of the corrective move for a while.~ Sameet Chavan, Chief Analyst – Technical & Derivatives at Angel One

After touching a record high on 18th Oct’21, the Nifty has corrected 8% so far, led by various global factors (Fed’s taper announcement, rising bond yields, higher crude oil prices, and strengthening of the US Dollar Index) and detection of a new COVID-19 variant – Omicron – in South Africa. A big fundraise in the primary market also put some pressure on the secondary market. Sentiments were battered globally, with global markets correcting by 2-3%, bond yields easing, and Brent Crude prices plunging by 11%. India’s VIX rallied 25% to 20.8. Since these are early days for the new variant, limited information regarding its transmission and impact is available. We expect the Centre/ state governments to remain proactive, given their experience from the second COVID wave in Apr-May’21, and guidelines to evolve as the trajectory of the new variant becomes clearer. We expect the market to witness elevated volatility in the near term. However, valuations after the pullback, are relatively reasonable now at 23.3x/19.5x FY22E/FY23E Nifty EPS. Hence we would advise investors to buy into this correction.

~ Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services

SGX Nifty was trading with gains during the early hours of Tuesday, hinting at a flat to a positive start to the day’s trade. On the charts, Dalal Street benchmark indices still look weak but some pullback has not been ruled out. “The down-trend status in Nifty is still alive and the minor pullback rally is expected in the next 1-2 sessions,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “At the higher levels 17200-17300 is going to be a strong overhead resistance and expected to be a sell on rise opportunity in the market. The next lower supports to be watched at 16780 levels,” he added.

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“Nifty closed on Nov 29 with a long-legged doji suggesting possible reversal of the latest downmove. The low of the day i.e. 16782 will be a crucial level to watch out for on the downside, while on the upside 17280 could offer resistance,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

SGX Nifty was up in the green on Tuesday morning. Nifty Futures trading with gains, hints at positive start to the day’s trade.

A more broad-based growth recovery amid contained infections and faster vaccination bodes well for India’s recovery prospects next year. In fact, upcoming GDP data for Q2FY22 (our forecast: 9.5% y/y) is likely to reaffirm that the economy is on the mend and will likely be back to pre-pandemic levels before end-March 2022. We believe India can grow at another 8% in FY23 after expanding at an estimated 9.5% in the current financial year.

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