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Share Market LIVE: Sensex trims losses, trades flat, Nifty needs to hold above 17400 for more upside – Financial Express

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

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets continued to trade with gains on Friday morning. S&P BSE Sensex soared 200 points during the early hours of trade to regain 58,700 while NSE Nifty 50 was comfortably above 17,400. Bank Nifty breached 36,700 mark while India VIX was flat. Broader markets mirrored the up-move charted by headline indices. Larsen & Toubro was the top index gainer up 2%, followed by Axis Bank, Infosys, and NTPC. In the red was NTPC, down nearly 1%, followed by Dr Reddy’s, Sun Pharma, and Bharti Airtel among others.

“Yesterday’s rapid ascent suggest that key moving averages and internal trendlines could resist. If such resistance do not force a slippage past 17324, expect Nifty to continue on the 17600-780 trajectory. This seems less likely today, though. Alternatively, slippage past 17324 may not lead to collapse, but a comfortable re-entry for longs would be near 17195 in such case,” said Geojit Financial Services.

Anand Rathi Wealth IPO saw great interest from investors on the first day of sale with strong interest from retail investors and Non-Institutional Investors (NII). The wealth management firm’s public issue sailed through on the first day of sale with an overall subscription now reaching 1.8 times the IPO size. In the grey market too, shares of Anand Rathi Wealth were seeing strong interest from investors and trading at a healthy premium of Rs 125 per share to the IPO price of Rs 530-550 per share. Earlier in the week, the grey market premium was around Rs 100 per share. The Rs  660 crore IPO closes on Monday, December 6.

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“We expect index to trade with a positive bias while maintaining higher highlow formation. Hence, use dip towards 17332-17355 for creating long position for target of 17443,” said ICICI Direct.

India’s PMI data for November indicated that the Indian service sector continued to strengthen, with a substantial upturn in new orders underpinning output growth. Posting 58.1 in November, down only fractionally from 58.4 in October, the seasonally adjusted India Services Business Activity Index pointed to the second-fastest rise in output since July 2011.

“The index is currently trading within its resistance zone of 17400-17500. It would need to close above this level for a positive short term trend to emerge. Once that happens we could expect higher levels of 17800-18000. Until that does not happen, the bias continues to remain on the sell-side and traders should be watchful and cautious. If the market turns from here and breaks 17100, we would revisit the recent lows,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

Sensex was down from highs but still in the green on Friday morning as weakness emerged from the top. Nifty was just above 17400.

Domestic markets started Friday’s trade in the green. Broader markets mirrored the up-move. India VIX was down in red.

Stocks fell on Friday after Chinese ride-hailing giant Didi said it would delist in New York, renewing concern about U.S.-China tensions and tech regulation, while oil headed for a sixth consecutive weekly drop on Omicron and rate hike worries. S&P 500 futures fell about 0.5%. Hong Kong’s Hang Seng dropped 1.3%, dragged by big tech names. MSCI’s index of Asia shares outside Japan fell 0.7%.

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Sensex trimmed pre-open losses and traded flat during the pre-open session. Nifty was just shy of 17400. 

Sensex sits in red during the pre-open session, falling over 200 points while Nifty 50 gave up 17400.

“Strong domestic indicators are playing a key role in driving the market amid negative global cues. Going forward, investors have to be a little cautious as the two cases of Omicron variant has been detected in India and can cap the upside movement of the market. On the technical front, the key resistance levels for Nifty50 are 17500 followed by 17590 and on the downside 17228 followed by 17050 can act as strong support. Key resistance and support levels for Bank Nifty are 36660 and 36260 respectively,” said Mohit Nigam, Head – PMS, Hem Securities.

SGX Nifty was now down just 38 points with minutes left before the opening bell. Nifty Futures were down as much as 70 points earlier today.

Indian-American Gita Gopinath, the chief economist of International Monetary Fund, is being promoted as IMF’s First Deputy Managing Director, the fund announced Thursday. She would replace Geoffrey Okamoto who plans to leave the Fund early next year. Gopinath, who was scheduled to return to her academic position at Harvard University in January 2022, has served as the IMF’s chief economist for three years.

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“Nifty is expected to open negative at 17350 , down by 60 points.  Nifty will now see support in its previous resistance range on 17250-17350. Traders can consider buy in dips with strict stop loss for 17600 as targets in the next few sessions,” said Gaurav Udani, Founder and CEO of ThincRedBlu Securities.

“We may see some pullback since Dow Futures are trading negative this morning but this remains a buy on dip setup for next target of 17800. 17275 and 17220 should act as supports while resistance is placed at 17400-17420. Bank Nifty too continues to remain bullish for 37500+,” said Rahul Sharma, Director & Head – Research, JM Financial.

“Nifty nicely build on the gains made on the previous day on Dec 02 and crossed the crucial 17355 level. Now the next resistance for Nifty is at 17536 while support could come in at 17213,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

On the charts, Nifty 50 now sits at a crucial point after yesterday’s up-move that helped bulls garner much-needed strength. “A decisive upside breakout of the hurdle of 17400-17600 levels could only change the short term negative sentiment of the market,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “Any turn down from near the resistance band could bring bears into action again. Immediate support is placed around 17300-17250 levels,” he added. Analysts recommend sticking to pockets showing strength. “Participants should focus on the pockets which are showing strength and choose the stocks accordingly. Among the sectors, IT looks strongest and seeing noticeable traction while others are showing a mixed trend,” said Ajit Mishra, VP – Research, Religare Broking.

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Nifty finds support around 17000 while 17550 will act as resistance. Bank Nifty finds support around 36050 while 36800 will act as resistance on the upside.

~ IIFL Securities

Going ahead, we expect the market to continue with its volatility given the uncertainty around the new Omicron variant and Fed tapering. However sharp sell-off have made valuations comfortable and the strong domestics economic data points continue to point towards economic recovery thus keeping long term fundamentals intact. We would hence advise investors to buy in this volatility in staggered fashion to build long term portfolio. Technically, Nifty has formed a Bullish candle on daily scale and has been making higher lows from the last three sessions. Now it needs to continue to hold above 17350 zones for an up move towards 17500 and 17777 zones whereas support can be seen at 17150 and 17000 zones.

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

“Star Health IPO witnessed a tepid response from investors. Institutional investors have already raised questions about expensive valuation. The company profitability was severely impacted in FY21 due to higher claims arising due to Covid-19 pandemic. Thereby domestic mutual funds largely remained away from subscription,” said Satish Kumar, Research Analyst, Choice Broking.

IPO market continues to remain hit with 2 public issues available for investing. Tega Industries enters the final day of sale after having been massively oversubscribed. Anand Rathi Wealth IPO was oversubscribed on day one. 

“The Nifty has closed around its resistance area of between 17400-17500. If we can trade above this zone for a couple of days, the markets can restart its upward trajectory. If the market has to resume the current weakness, it would need to take a U-turn from here and head downward. Either way, a good trading opportunity is in the offing,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

SGX Nifty was down 60 points ahead of the opening bell on Dalal Street on Friday. Nifty futures trading in red on Friday, hint at a weak start for domestic markets.

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