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Share Market News Today | Sensex, Nifty, Share Prices LIVE: Bears continued to dictate stock market movement on Monday amid the rising concern over the Omicron Covid-19 variant. S&P BSE Sensex ended 949 points or 1.65% lower at 56,747 while the NSE Nifty 50 closed 284 points in red at 16,912. Broader markets followed suit. On Tuesday morning, SGX Nifty was up in the green, hinting at positive momentum building up ahead of the day’s trade. Global cues were positive and favouring the bulls after Dow Jones, S&P 500, and the NASDAQ index zoomed higher during the previous session while Asian markets mirrored their up-move.
Keeping the IPO market hot, the public issue of Rategain Travel Technologies will open for subscription today. The company is looking to raise Rs 1,336 crore through the IPO which includes a fresh issue of equity worth Rs 375 crore while the remaining Rs 961 crore is an Offer for Sale (OFS) by existing shareholders of the company. Investors can bid for the IPO in the fixed price band of Rs 405-425 per share, in a bid lot of 35 equity shares. Rategain Travel Technologies is among the leading distribution technology companies for the global hospitality and travel industry. Rategain delivers hospitality and travel technology solutions through SaaS platform.
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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