After getting gained 1% every single last week, domestic benchmark equity indices may look to continue their upward march on Monday. S&P BSE Sensex now sits at 49,206 when the 50-stock NSE Nifty is at 14,823. Nifty futures on the Singapore Exchange have been up more than one hundred points, hint at a positive commence for domestic equities. Technically, Nifty close above the resistance levels on Friday, which could see the index surge larger and reclaim 15,000 in the coming sessions. On the basic side, Dalal Street’s movement is anticipated to be influenced by covid-19 and vaccination drive.
Global watch: On Friday, Wall Street closed with gains as bulls continued to assert manage on US equity markets. NASDAQ soared .88% when S&P 500 was up .74% and Dow Jones zoomed .66%. Asia peers on Monday morning have been trading mixed. Shanghai Composite was down in the unfavorable when Hang Seng, TOPIX, Nikkei 225, KOSPI, and KOSDAQ have been all sitting with gains.
Technical take: On the weekly chart, Nifty formed a affordable bull candle, according to Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He added that markets could move towards 15,000 in the coming sessions.
Support and resistance levels: Although the trend is positive for Nifty, analysts think that the index could face resistance close to 15,000. “Nifty needs to break above 15,050-15,000 if the rally has to continue,” mentioned Manish Shah, Founder, Niftytriggers. “The consolidation in Nifty is significant and if break above 15,050-15,000 materialises we should see a sharp rally in the weeks to come. If Nifty slips below 14,650 expect some decline to the 14,300 zone,” he added.
FII and DII trades: On Friday, Foreign Institutional Investors (FII) have been net sellers of domestic securities, pulling away Rs 1,142 crore. Meanwhile, Domestic Institutional Investors (DII) have been net purchasers of domestic equities, pumping in Rs 1,468 crore. Last week, FIIs have been net sellers of domestic securities on 4 out of 5 days.
Results today: Zydus Wellness, Chambal Fertilisers & Chemicals, Escorts Finance, Dai-Ichi Karkaria, Ganges Securities, HFCL, HSIL, PPAP Automotive, Inspirisys Solutions, Intellect Design Arena, JMC Projects (India), Nutricircle, Oriental Aromatics, Onesource Ideas Venture, Paushak, Sangam Renewables, Satia Industries, and Suryalakshmi Cotton Mills are some of the firms that will report their quarterly benefits today.