Domestic benchmark indices snapped their 4-day gaining streak on Tuesday to finish in the red. S&P BSE Sensex now sits at 49,161 although the Nifty 50 index is at 14,850. SGX Nifty was down 17 points for the duration of the early hours of Tuesday, hinting at a flat begin for domestic markets. Cues from worldwide peers have been adverse with Wall Street closing in the adverse when once again. Although benchmark indices closed in the red, there have been some positives to be drawn. The Nifty Midcap index closed .93% greater, the midcap one hundred index was up .79%. Similarly, the smallcap indices closed in the green. India VIX continued to slip and closed 1.95% reduce, under 20 levels.
Global Watch: Stock indices on Wall Street closed in the red on inflation worries. Dow Jones tanked 1.36%, followed by a .87% fall in S&P 500, and NASDAQ ended .09% reduce. Among Asian markets, TOPIX and KOSPI have been down 1% every, the Nikkei 225 index slipped .66%, and Hang Seng was down .17%. Shanghai Composite was up in the green.
Technical take: On the technical front, Nifty formed a positive candle at the lows with minor upper shadow on Tuesday, according to Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He added that this pattern indicates a comeback try by bulls following early portion weakness. “The overall chart pattern indicates a limited decline from here and a formation of higher bottom formation and subsequent upside bounce in the market from the lows,” Shetti mentioned.
Levels to watch out for: Technical analysts anticipate Nifty to breach 15,000 mark. “We are in an interesting juncture where the Nifty is expected to achieve 15200-15250 and the stop is a close below 14700. We are closer to the stop than the target which makes this a good risk-reward trade,” mentioned Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
FII and DII trades: On Tuesday, Foreign Institutional Investors (FII) have been net sellers of domestic securities. FIIs pulled out Rs 336 crore from the marketplace. Meanwhile, Domestic Institutional Investors (DII) sold stocks worth Rs 676 crore.
Results today: Asian Paints, Pidilite Industries, Lupin, Jindal Stee & energy, UPL Ltd, Tata Power Company, Voltas, Apollo Tyres, Happiest Minds Technologies, Mahindra Lifespace Developers, HG Infra Engineering, Sagar Cements, and Birla Corporation are some of the organizations that will report their quarterly benefits today.