Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic markets were trading with gains on Tuesday, looking to recoup some losses suffered in the previous few sessions. S&P BSE Sensex rallied 900 points to regain 57,600 levels while Nifty 50 was closing in on 17,200. Bank Nifty jumped more than 2.5%. Broader markets mirrored the gains. India VIX was 7% in the red. Bank stocks were leading with gains on Sensex with Kotak Mahindra Bank being the top gainer, up 3.8%, followed by ICICI Bank, Axis Bank, and Tata Steel. Bharti Airtel and Asian Paints were the only stocks in red among the 30-stock Sensex.
“It would be interesting to see how market behaves going forward. Whether bears have further legs to break this support or the bulls have enough strength to defend it. If we compromise this level of 16800 in the coming session, one should get prepared for an extended fall towards 16600 – 16400 in coming sessions. On the flipside, 17000 followed by 17100 are to be seen as immediate supports. The banking index plays a vital role here because its back to its ‘200-SMA’ and hence, one needs to keep a close on it in the forthcoming session,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One.
Gold prices in MCX is trading on cues from international rates. The new variant Omicron has put a break on the domestic wedding demand till further clarity on the severity of the variant and its outbreak. The traders are weighing more on the early tapering by Fed after data suggested the labour market was rapidly tightening, pushing gold to choppy zone.
Buy Zone Above – 48000 for the target of 48500Sell Zone Below – 47700 for the target of 47400
~ Ravi Singh, Vice President & Head of Research, ShareIndia
Indian Oil could be on its way out of the benchmark NSE Nifty 50 index in the upcoming Semi-Annual Index Rejig, said analysts at Edelweiss Alternative Research. The PSU major could be replaced in the headline index by Apollo Hospitals or Naukri.com’s parent firm Info Edge. Looking at the broader markets, analysts noted that recently listed Zomato could make its way into the Nifty Next 50 along with IT industry major Mindtree. The semi-annual index rejig will be based on stock movement till January 31, 2022, while the rebalancing will be done by the end of March next year.
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Ace investor Rakesh Jhunjhunwala’s portfolio has a multibagger share priced below Rs 70, which has more than doubled this year. Anant Raj Ltd share price has gained around 150 per cent so far this year 2021. The realty stock has surged from Rs 27 at the beginning of the year to Rs 69.7 per share now. Further, analysts expect Anant Raj share price to hit triple-digit figures in the medium to long term. Anant Raj stock has attracted FPIs and FIIs of late, and the company has posted good quarterly financial figures in the last three quarters despite the Covid-19 pandemic stress.
Sensex was up 800 points on Tuesday morning, sitting above 57,500 while NSE nifty 50 was nearing 17,150.
“Going ahead, we expect prolongation of consolidation in the range of 17500—16800 amid stock specific action that would help index to form a higher base around 100 days EMA. Thus, an extended breather from hereon should not be construed as negative instead dips should be capitalised to accumulate quality stocks as we expect buying demand to emerge at lower band of consolidation placed around 16800-16700 zone.”
~ ICICI Direct
RateGain Travel Technologies Rs 1,336 crore IPO opened for subscription today as the IPO rush-hour continues on Dalal Street. The technology distribution company that caters to the travel and hospitality industry globally is offering shares in a fixed price band of Rs 405-425 per share through the IPO. Through the IPO, RateGain Travel will sell around 31,441,282 equity shares of face value Re 1. In the grey market markets, shares of RateGain were trading at a premium of Rs 100 per share, down from Rs 120 earlier this week. The issue will open today for subscription and close on December 9.
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The Nifty midcap and small cap indices are sustaining well above its 100 days EMA which has been held since June 2020, highlighting inherent strength. We believe, ongoing consolidation will make market healthy and form a higher base. Therefore, focus should be on accumulating quality stocks to ride structural uptrend.
~ ICICI Securities
Bank Nifty index was up 1.2% on Tuesday morning, trading above 36,100 levels. Bandhan Bank, Au SmallFinance Bank, and Kotak Mahindra Bank were the top gainers.
Domestic markets started Tuesday’s session in the green, following positive global cues. Bank Nifty jumped more than 1% on opening while India VIX was down in red.
“Nifty finds support around 16782 while 17300 will act as resistance on the upside. Bank Nifty finds support around 35600 while 36600 will act as resistance.”
~ IIFL Securities
Sensex regained 57,000 mark as the pre-open session began on Tuesday while the Nifty 50 index soared past 17,000.
“Going forward, investors have to be little watchful as more Omicron cases had been detected in India and the recent news flow around the variant will contribute to equity market volatility in the coming weeks. Inflation is the second risk the markets will have to deal with. Any disruption in supply chains because of Omicron may further exacerbate inflationary pressures. Tata Motors can be in focus today as the company increased the price of it’s commercial vehicle effective from beginning of next year. On the technical front, the key resistance levels for Nifty50 are 17100 followed by 17450 and on the downside 16800 followed by 17620 can act as strong support. Key resistance and support levels for Bank Nifty are 36500 and 35350 respectively,” said Mohit Nigam, Head – PMS, Hem Securities.
“Yesterday’s high (17217) could turn out as an immediate hurdle zone and sustenance below for the same is likely to keep the near term outlook negative. Most of the Nifty stocks are going through the corrective phase as their 14-day RSI reading is seen below levels of 70.”
~ Yes Securities
“Nifty is expected to open positive at 17000 levels. Nifty has resistance at 17085 and 17200 levels. Since the last few sessions Nifty has been making lower highs and lower lows indicating a weak trend. Traders are advised to keep strict stoploss in current volatile markets,” said Gaurav Udani, Founder and CEO of ThincRedBlu Securities.
“Nifty needs to reclaim 17000 as soon as possible for any chance of recovery or else we may see the panic low of last Monday, 16782, being re-tested. Bank Nifty is structurally less weak with supports at 35,530 and 35,327,” said Rahul Sharma, Director & Head – reserch, JM Financial.
“Now as we had alluded to in the recent commentary, last week’s low around 16800 is to be challenged soon and we are not far away from this now. It would be interesting to see how market behaves going forward. Whether bears have further legs to break this support or the bulls have enough strength to defend it. If we compromise this level of 16800 in the coming session, one should get prepared for an extended fall towards 16600 – 16400 in coming sessions. On the flipside, 17000 followed by 17100 are to be seen as immediate supports. The banking index plays a vital role here because its back to its ‘200-SMA’ and hence, one needs to keep a close on it in the forthcoming session,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One.
“The markets continued its downward trajectory and has threatened the 16900 level. The index is heading towards the recent low of 16750-16780. If we break that, the Nifty can fall to 16400-16450,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
On the charts, two consecutive deep-dives by Nifty are being seen as a negative for bulls. The index formed a long bear candle on the daily chart, which indicate a sharp downward reversal in the market after a decent upside bounce of last week, according to Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “The sharp downward reversal of the last two sessions after a decent pullback rally could open further decline down to 16700 or lower in the next few sessions,” he added. On the fundamental side, investors should get some relief as the Omicron variant does not seem to have increased hospitalizations across the countries it has entered so far. Analysts still recommend stock-specific action while markets trade on choppy waters.
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“Nifty continues its downtrend and the next level of support is 16722-16782 band. On upmoves 17026-17051 could act as a resistance. The downtrend may be close to its end going by the number of days it has lasted so far (33). However, the upward recovery may be slow,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
SGX Nifty was up in the green on Tuesday morning. Nifty futures soared 80 points, hitting a positive start to the day’s trade.
Investors’ wealth tumbled Rs 5,80,016.37 crore in two trading sessions to Monday as stock markets continued to face heavy sell off on concerns over the Omicron variant of COVID-19. The 30-share BSE Sensex plummeted 949.32 points or 1.65 per cent to close at 56,747.14 on Monday. In the previous session, the benchmark had ended 764.83 points or 1.31 per cent lower at 57,696.46.
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