Domestic equity markets continued to inch larger on Thursday, in spite of witnessing some turbulence along the way. S&P BSE Sensex now sits at 48,803 mark whilst the Nifty 50 index is up at 14,581. On Friday morning, SGX Nifty was trading in the damaging, hinting at a gap-down commence for equity markets. Meanwhile, worldwide cues had been largely positive. On the charts, Nifty produced a modest positive candle with lengthy decrease shadow on Thursday, according to Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “Technically, this pattern indicates a buy on dips opportunity in the market and this is a positive indication,” he added.
Global watch: On Wall Street, all benchmark indices climbed larger on Thursday. NASDAQ jumped surged 1.31% followed by S&P 500 and the Dow Jones. Among Asian peers, Shanghai Composite, Hang Seng, Nikkei 225, and KOSDAQ had been up in the green. TOPIX and KOSPI traded flat with a damaging bias.
Technical take: Nifty has formed a bullish candle on the charts for a second consecutive day, according to Rohit Singre, Senior Technical Analyst at LKP Securities. The bounce recorded by the index in the dying hours of the session augments analysts’ belief that there could be additional upside ahead. “Nifty has been trading with the support of the 100-Day Moving Average, which points out strength in the counter. Furthermore, the benchmark index has confirmed Bullish Harami Candlestick Pattern which suggests an upside movement in the upcoming session,” mentioned Sumeet Bagadia, Executive Director, Choice Broking.
Levels to watch out: Nifty could be headed towards the 14,800 mark in the coming sessions, according to Nagaraj Shetti, but he warns this could outcome in a further decline from the highs. “The overall long term chart pattern indicates that this is going to be the last rise before the sharp weakness from the highs. Immediate support is at 14520,” he mentioned.
Results today: Continuing the earnings season, today Mindtree will report its January-March quarter final results. It will be joined by MMTC, GTPL Hathway, Den Networks, and AAR Commercial Company.
FII and DII trades: On Thursday, Foreign Institutional Investors (FII) turned net purchasers of domestic securities. FIIs pumped in Rs 979 crore whilst Domestic Institutional Investors (DII) had been net sellers of Rs 526 crore worth of stocks.