Domestic equity markets resumed moving upwards on Tuesday as Sensex and Nifty surged .76% each and every. S&P BSE Sensex closed the day’s trade at 52,769 although the 50-stock NSE Nifty was at 15,812. On Wednesday morning, SGX Nifty was down in the red signalling some weakness ahead of the opening bell. Global cues had been unfavorable immediately after Wall Street equity indices ended in the red. Asian peers had been also down with losses. Technical analysts continue to see upside possible for domestic markets. “One may expect further upside towards 15900-15915 levels in the short term before showing next round of consolidation,” stated Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Global cues: On Wall Street, NASDAQ ended .38% reduced, followed by a .35% fall in S&P 500 and a .31% drop in Dow Jones. Among Asian stock markets, Shanghai Composite, Hang Seng, TOPIX, Nikkei 225, KOSPI, and KOSDAQ had been in the red.
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Technical Take: Soring greater on Tuesday, Nifty formed a bullish continuation pattern, stated Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities. Nifty has also managed to cross 15,800, a essential resistance zone. “The crucial intraday resistance of 15800 has been broken on the upside and the Nifty closed just above it, as per day’s close. This is a positive indication and signals more upside in the short term,” Nagaraj Shetti stated.
Levels to Watch out for: Forming a bullish pattern, Nifty is now anticipated to hit the tall wall of 15900-15930, according to Shrikant Chouhan. “For Wednesday, 15900-15930 would be major hurdles on the Nifty and supports would be at 15730 and 15700 levels. Keep a strategy of buying on dips,” he added.
Zomato IPO opens today: The a lot-awaited mega Rs 9,375 crore IPO of Zomato is set to open today. The organization has currently managed to raise Rs 4,200 from anchor investors which includes marquee worldwide investors such as Tiger Global, Blackrock, Goldman Sachs, JP Morgan and a lot of more. Domestic investors such as SBI, HDFC, UTI MF, Axis MF, and other individuals have also picked up a stake.
FII and DII trades: Foreign Institutional Investors had been net purchasers on Tuesday, pumping in Rs 113 crore into domestic markets on Tuesday. Domestic Institutional Investors (DII) also pumped in Rs 344 crore into domestic equities.