Domestic markets continued gaining on Monday, extending the rally to 4 days now. S&P BSE Sensex now sits at 49,502 when Nifty 50 is at 14,942. Indices have continued to move in a broad variety for weeks now. Technical analysts think that only a move above 15,000 – 15,one hundred would force Dalal Street to claim fresh highs. On Tuesday morning, SGX Nifty was down 200 points, hinting at a damaging begin for domestic equity markets. Global cues also had been hinting at a damaging begin following Wall Street closed down in the red on Monday.
Global Watch: Equity indices on Wall Street ended in the damaging territory on Monday. NASDAQ fell 2.55% when S&P 500 was down 1.04%, and Dow Jones closed .10% reduced. Among Asian peers, Nikkei 225 fell 2.5%, Hang Seng was down 2%, followed by TOPIX, KOSPI, KOSDAQ, and Shanghai Composite.
Technical take: Chartists think the trend is positive for Nifty. “Nifty not showing any immediate reversal down from near the key overhead resistance on Monday is a positive indication and this could signal a possibility of a decisive upside breakout of the resistance as well as the sideways range movement,” mentioned Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Levels to watch out for: Nifty has maintained its position above the 14,700 mark. “The Nifty should be headed to 15200-15250 with strong support at 14700,” mentioned Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments. Meanwhile, Nagaraj Shetti believes 15,one hundred is acting as a hurdle for the index but if Nifty breaches the mentioned levels then 15,700 could be in sight.
: Share Market vulnerable right here are the stocks to invest in in this phase of Dalal Street
FII and DII trades: Foreign Institutional Investors (FII) had been net purchasers of domestic stocks on Monday, pumping in Rs 583 crore. Meanwhile, Domestic Institutional Investors (DII) had been net sellers, pulling out Rs 476 crore. In the prior week, FIIs had been net sellers on 4 out of 5 trading sessions.
Results today: Godrej Consumer Products, Siemens, Aarti Industries, Linde India, BASF India, KEC Internation, Firstsource Solutions, Granules India, Neuland Labs, Alembic, Dishman Carbogen, and Matrimony.com are some of the corporations that will report their quarterly benefits today.