After getting reached lifetime highs last week, domestic equity benchmark indices may well look to carry the momentum forward. S&P BSE Sensex presently sits at 52,474 points whilst the 50-stock NSE Nifty settled at 15,799. On Monday morning, ahead of the opening bell, SGX Nifty was sitting down in the damaging territory. Weekly charts recommend that Nifty’s movement may well nevertheless be dominated by bulls. “We observe four back to back positive candles on the weekly chart without any reasonable downward correction. This market action also points towards bullish ‘three advancing soldiers’ pattern, which is an uptrend continuation pattern,” mentioned Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Global cues: Wall Street equity indices ended in the green last Friday with NASDAQ jumping .35%. However, Asian peers had been trading mixed on Monday morning. Nikkei 225, TOPIX, and KOSDAQ had been in the green whilst KOSPI was trading with losses. Chinese stock markets had been closed for trade on Monday.
Technical take: On the every day chart, Nifty formed A tiny body of positive candle with minor upper and reduce shadow on Friday, according to Nagaraj Shetti. “Technically, this pattern indicate a formation of doji type pattern at the new highs (not a classical one). Normally, a formation of doji after a reasonable decline or at the new highs signal caution for bulls at the highs,” he added. However, Shetti cautioned that a sustainable move above the higher of doji (15,835) is most likely to negate the damaging implication and could bring bulls back into action.
Levels to watch for: On an quick basis, Nifty has help close to 15750-15700 zone, mentioned Rohit Singre, Senior Technical Analyst at LKP Securities. He added that any break down beneath mentioned levels can drag the index towards 15600-15500 zone. “… on the higher side 15840 emerged as immediate hurdle zone if sustain above said level then some extension towards 16k mark possible.”
Also Read: Sensex, Nifty finish at record closing highs for 2nd straight session Nifty to hit 16,000 soon
FII and DII trades: On Friday, Foreign Institutional Investors (FII) had been net purchasers of domestic stocks. FIIs pumped in Rs 18.64 crore into domestic markets. Domestic Institutional Investors (DII) had been also net purchasers, buying stock worth Rs 666 crore. FIIs had been net purchasers on 3 out of 5 trading sessions.
Results today: Coal India, IDFC Ltd, IFB Industries, Indian OVerseas Bank, J B Chemicals & Pharmaceuticals, Kajaria Ceramics, and Responsive Industries are some of the firms that will announce their quarterly outcomes today.