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Share Market LIVE: Sensex surges higher after volatile morning trade, Nifty resistance at 17500 – Financial Express

Global cues were negative on Monday morning.
(Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices entered Monday’s trading session in a volatile fashion as both Sensex and Nifty danced between gains and losses. After initial minutes of trade, Sensex was down more than 150 points nearing 58,950 while NSE Nifty 50 was hovering around 17,000 mark. Reliance Industries was the top gainer on Sensex up 2.36%, followed by Dr Reddy’s, IndusInd Bank, HCL Technologies, and Tata Steel. Asian Paints was 1.7% down in red, accompanied by Bajaj Auto, HDFC, and Nestle India. 

Considering September 30, 2021, adjusted BVPS of Rs 90.35 on the post-issue basis, the company is going to list at a P/B of 9.96 with a market cap of Rs 5,17,961 million, while its peers namely ICICI Lombard and New India Assurance Limited are trading at P/B of 8.25 and 0.71 respectively. We assign an “Avoid” rating to this IPO as the issue is expensive as compared to its peers.  

~ Marwadi Shares and Finance Limited

We believe, ongoing corrective phase to get anchored around 16900-16700 based on the following observation over past 20 months: A) Since May 2020, during all 3 corrections index retraced 38% of the preceding rally. 38% retracement of the current rally is placed at 16900 B) since May 2020, index has not corrected for more than 10%.

~ ICICI Direct

Sensex and Nifty were looking to recover some of the losses suffered in the previous week today. S&P BSE Sensex was above 57,500 while NSE Nifty 50 regained 17,100. Morning trade saw high volatility as India VIX breached 22 levels. On the BSE, 210 stocks reached fresh 52-week highs while 78 were trading at new 52-week lows. Meanwhile, on NSE, 69 stocks traded at 52-week high values and 77 were down at 52-week lows. Among stocks touching fresh highs included newly listed Tarsons Products, Trident, Raymond, Rajesh Exports, and Shipping Corporation of India. 

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“As expected, Nifty attempting to reverse today. Omicron is the beginning of the fading away of Covid 19. Markets are highly oversold & a close in the green today will open the way for 17,500 & 17,850,” said Rahul Sharma, Director & Head – Research JM Financial.

Rakesh Jhunjhunwala-backed Star Health and Allied Insurance IPO will open for subscription tomorrow as the company looks to raise Rs 7,249 crore from investors. Shares of Star Health and Allied Insurance will be available for investors to subscribe from tomorrow in a fixed price band of Rs 870-900 per share in a bid lot of 16 shares. Ahead of the IPO the grey market premium (GMP) of Star Health has declined sharply to now sit below Rs 10 per share, according to people who deal in unlisted stocks. The GMP of Star Health was close to Rs 90 per share last week.

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India VIX, the volatility gauge, gave up some gains as it moved below 22 levels. 

Sensex and Nifty extended gains on Monday morning as bulls attempted a comeback on Dalal Street. 

“As expected the markets opened weak post Friday’s close where the index failed to close above 17200. The short term is weak and the medium term is now shaping up to become weak too. If we trade below 17000 on a closing basis, the Nifty can slip further to 16500. On the upside, the resistance is at 17500 and unless we do not get past that on a closing basis, any up move can be strategically used to go short on the markets,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

“Investors should not panic during the ongoing corrective phase, instead dips should be capitalized to build quality portfolio over medium term perspective,” said ICICI Direct.

Amid strong volatility, India VIX zoomed 7% to breach 22 levels on Monday morning. 

Sensex and Nifty were recouping losses on Monday morning after having opened deep in red. Nifty regained 17000.

“It is a make or break situation for markets and traders are advised to keep a close eye on the support zone of 16800-16694,” said Rahul Sharma, Director & Head – Research, JM Financial.

Domestic indices started Monday’s trading session with a weak bias as Nifty gave up support levels at 16889. India VIX zoomed 7%. 

Indian markets are likely to start the week on a positive note on the back of steadiness in Asian peers as traders tried to calibrate the possible impact of the omicron Coronavirus strain on global economic reopening.

~ ICICI Direct

“On the technical front, the key resistance levels for Nifty 50 are 17259 followed by 17429 and on the downside 16889 followed by 16752 can act as strong support. Key resistance and support levels for Bank Nifty are 36628 and 35663 respectively,” said Mohit Nigam, Head – PMS, Hem Securities.

Nifty trimmed some gains and moved closer to 17000 during the pre-open session. Sensex was down more than 300 points.

Sensex dives 500 points in pre-open session on Monday while Nifty 50 was below 17000 mark.

Commodity prices traded lower with most of the commodities in the non-agro segment witnessed selling last week with crude oil falling the most. Crude oil prices plunged by more than 10% on higher supply pressure and demand growth worries. The fast-spreading virus cases in Europe and South Africa has raised demand worries for non-agro commodities. Base metals witnessed additional pressure on China growth worries and stronger dollar.

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“Nifty is expected to open positive at 17160 , up by 150 points.  Nifty has its resistance in 17275-17350 range and support in 16875-16950 range. Traders are suggested to use all pull backs in Nifty to exit long positions . Overall trend in Nifty remains weak and no new long positions should be initiated till we see a strong closing above 17800.” Mr. Gaurav Udani, CEO & Founder, ThincRedBlu Securities,” Gaurav Udani, CEO & Founder, ThincRedBlu Securities.

Bears continued to tighten its grip for the second straight week with a clear intense of selling at every higher tick in all the sectoral indices except nifty pharma. Benchmark on the weekly chart closed below four percent and also witnessed a closing below its 11 week low, indicating a strong profit booking or the first leg of correction phrase. 

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On Monday morning SGX Nifty was up more than 80 points, hinting at a positive start to the day’s trade. On the charts, however, Dalal Street looked to be in for more weakness ahead. “The market has been in a steep fall and more weakness could be in store. The downside breakout of the crucial supports and the overall negative chart pattern as per daily and weekly timeframe indicate resumption of a sharp downward trend in the market,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “The next lower targets to be watched for Nifty around 16500 levels in the next couple of weeks. Any pullback rally from here could find strong resistance around 17200 levels,” he added.

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Markets were already struggling amid inflation fear and the news of a new COVID variant helped bears to strengthen their grip. Nifty has corrected nearly 9% from the top so far and the indications are pointing towards further slide to 16,700 zone as per the target of 2-month long distribution pattern. All sectors barring pharma are reeling under pressure so participants should maintain caution and align their positions accordingly. At the same time, investors should see this fall as an opportunity to accumulate quality stocks at a good bargain.

~ Ajit Mishra, VP Research. Religare Broking

SGX Nifty was up 70 points during the early hours of trade on Monday. Nifty futures trading with gains hints at positive momentum building up for domestic indices.

Two companies Star Health and Allied Insurance Company and Tega Industries are set to float their initial public offerings (IPOs) next week to cumulatively raise Rs 7,868 crore. The three-day initial share-sale of Star Health will open on November 30 and conclude on December 2, while that of Tega Industries will be open for public subscription during December 1-3. This comes after 10 firms successfully concluded their initial public offerings in November. So far in 2021, as many as 51 companies have launched their IPOs to raise over Rs 1 lakh crore, according to an analysis of data with exchanges.

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