Domestic equity markets are now on a 3-day gaining streak but may face some volatility today owing to the month-to-month derivates expiry. S&P BSE Sensex at the moment sits at 49,773 points even though the 50-stock NSE Nifty was above 14,850. On Thursday morning, SGX Nifty was trading in the green, hinting at a gap-up get started for domestic equities. Meanwhile, in spite of a weak closing on Wall Street, stock markets in Asia had been inching greater throughout the early hours of trade on Thursday.
Global watch: Wall Street equity indices ended decrease in spite of Fed Chairman Jerome Powell assuring that the Fed will not quit supporting the financial recovery. Dow Jones fell .48% even though the NASDAQ was down .28%. S&P 500 ended .08% decrease. Among Asian peers, Hang Seng, Shanghai Composite, Topix, Nikkei 225, KOSPI, and KOSDAQ had been all in the green.
Technical take: Nifty closed just beneath the important resistance of 14,900 on Wednesday. “Though Nifty placed at the key hurdle, there was no sign of profit booking from near the resistance on Wednesday. This is a positive indication and signals more upside in the short term,” stated Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He added that the quick term trend continues to be positive.
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Levels to watch out for: Technical analysts think bulls have made a comeback on Dalal Street with the 3-day rally seen in stock markets. “The resistance zone for nifty is at 14980-15000,” stated Manish Shah, Founder, Niftytriggers. He added that month-to-month expiry could outcome in promoting about the resistance levels. “A break above 14980-15000 will signal an onward upside towards 15310-15400 for May Expiry. Support for Nifty is at 14650-14660 any declines to this zone is a buying opportunity,” he added.
FII and DII trades: On Wednesday, each Foreign Institutional Investors (FII) and Domestic Institutional Investors (DII) had been net purchasers of domestic securities. FIIs purchased stocks worth Rs 766 crore and DIIs purchased shares worth Rs 436 crore.
Results today: Titan Company, Laurus Labs, Hindustan Unilever, Mahindra Logistics, L&T Finance Holdings, Avas Financiers, Bajaj Auto, Agro Tech Foods, and Inox Leisure are some of the firms that will be reporting their quarterly earnings today.