Domestic equity markets scaled fresh highs on the weekly expiry session and closed the day in the green. S&P BSE Sensex presently sits at 54,844 whilst the NSE Nifty 50 is just above 16,350. Bank Nifty surged greater yesterday but failed to regain 36,000 levels whilst broader markets mirrored the up-move. Entering the final trading session of the week, SGX Nifty was down 10 points in the red whilst international cues had been mixed even just after Wall Street equity indices closed with gains. “The short term uptrend status of Nifty remains intact with range bound action. The overall chart pattern of Nifty and the positive reversal in broad market indices could hint at a possibility of an upside breakout of the small range in Nifty in coming sessions,” stated Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Global Watch: On Wall Street, Dow Jones closed flat with a positive bias whilst S&P 500, Dow Jones and the NASDAQ ended comfortably in the green. Among Asian markets, Hang Seng, Shanghai Composite, KOSPI and KOSDAQ had been down in the red whilst TOPIX and Nikkei 225 had been in the green.
Technical take: Chartists think Nifty is most likely to continue its upward march in the coming sessions. “Technically, on daily charts, the Nifty has formed a range breakout formation which suggests a continuation of an uptrend wave in the near future,” stated Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities. Further, Nagaraj Shetti pointed out that the general marketplace breadth has turned positive. “This indicate completion of higher bottom formation on the daily chart of mid cap and small cap sectors and one may expect upside bounce in these segments in the short term,” he stated.
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Levels to watch out: “We are of the view that 16280-16220 would be a key support level for trend following traders. Above the same, the range breakout formation is likely to continue up to 16400-16475 levels,” stated Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities.
FII and DII trades: On Thursday, Foreign Institutional Investors (FII) had been net sellers of domestic stocks. FIIs pulled out Rs 212 crore from the money marketplace. However, FIIs had been net purchasers of index futures & choices, and stock futures & choices. Domestic Institutional Investors (DII) had been net purchasers, pumping in Rs 307 crore.
IPO watch: yesterday was the last day to bid for Chemplast Sanmar and Aptus Value Housing Finance IPOs. Both the public problems sailed via and had been oversubscribed. Chemplast Sanmar was subscribed 2.21 occasions at the finish of the day whilst Aptus Value Housing was subscribed 17.20 occasions.