Domestic equity markets soared larger on Wednesday as each the headline indices touched new all-time highs. S&P BSE Sensex zoomed .75% to finish the day at 60,737 when the NSE Nifty 50 index closed .94% larger at 18,161. Broader markets, except pick, smallcap indices closed with gains. Entering the day weekly Futures and Options trading session, SGX Nifty was up in the green, zooming 80 points, hinting at a gap-up start off to the day’s trade. Global cues have been largely positive soon after Wall Street equity indices closed with gains and Asian stock markets have been seen mirroring the up-move through the early hours of trade.
Global watch: On Wall Street NASDAQ soared .73% when S&P 500 was up .30%. Dow Jones was tiny changed on Wednesday. Among Asian markets, Shanghai Composite was down with marginal losses, when Nikkei 225, TOPIX, KOSPI, and KOSDAQ zoomed ahead.
Technical take: On the charts, Nifty formed a affordable positive candle with a gap-up opening. “Technically, this pattern indicates an upside breakout of the crucial overhead resistance at 18K mark. This is a positive indication and one may expect follow-through buying in the coming sessions,” stated Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities when adding that the quick-term trend for Nifty is positive.
Levels to watch out: Nifty has managed to acquire practically 1.5% so far this week. “We are of the view that the short-term chart formation is still on the long side but due to an overstretched intraday rally the bulls may take a caution stance between 18250-18275 levels,” stated Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities. “For day traders, 18100 would act as a key support level on the Nifty. Above the same, the uptrend wave will continue up to 18200-18275 levels. On the other hand, dismissal of 18100 could possibly trigger a correction wave up to 18040-17980 levels on the Nifty,” he added.
FII and DII trades: On Wednesday, Foreign Institutional Investors (FII) turned net purchasers of domestic equities. FIIs pumped Rs 937 crore into domestic equities. Domestic Institutional Investors (DII) have been net sellers, pulling out Rs 431 crore.
Results today: HCL Technologies, Mahindra CIE Automotive, Century Textiles, Den Networks, Indiabulls Real Estate, Inox Wind, and Cyient Limited are some of the organizations that are scheduled to announce their quarterly benefits today.