Dalal Street benchmark indices closed flat on Wednesday, a day following hitting fresh all-time highs. On the closing bell, S&P BSE Sensex was down 28 points at 54,526 even though the Nifty 50 was up 2 points at 16,282. Broader markets ended with losses, except Nifty Midcap 50, which was up .26%. SGX Nifty was up in the green as it enters the expiry session, hinting at positive momentum constructing up ahead of the opening bell. Cues from international peers had been mixed with Asian stock markets moving in unique directions for the duration of the early hours of trade on Thursday.
Global watch: On Wall Street, Dow Jones and S&P 500 closed .62% and .25% larger on Wednesday even though NASDAQ was down .16% on closing. Among Asian markets, Shanghai Composite and Hang Seng had been down in the red, but Nikkei 225, TOPIX, and KOSDAQ had been up with gains, KOSPI was trading flat.
Technical take: Chartists think domestic markets have when once again began moving in a variety post the breakout above 16,000. “A small negative candle was formed on the daily chart with long lower shadow. Technically, this pattern signals a broader high low range movement for the market with buy on dips at the lower range. This pattern doesn’t have any predictive value and the market seems to have shifted into another round of narrow range movement post upside breakout of larger range movement at 16K recently,” mentioned Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Levels to watch out for: For Nifty the 16,180 would be the important help level and trading above the identical could see the uptrend formation probably to continue up to 16,350, mentioned Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities. “Any further upside in the market may lift the index up to 16,400-16,425 levels. On the flip side, the uptrend would be vulnerable below 16,180,” he added.
FII and DII trades: Foreign Institutional Investors (FII) had been net purchasers of domestic securities on Wednesday, pumping in Rs 238 crore. Domestic Institutional Investors (DII) had been also net purchasers. DIIs purchased stocks worth Rs 206 crore on Wednesday.
IPO watch: On the final day of sale, CarTrade Tech IPO was subscribed 20.29 occasions by investors even though Nuvoco Vistas was subscribed 1.74 occasions. Retail and NIIs undersubscribed the Nuvoco Vistas IPO. Aptus Value Housing Finance and Chemplast Sanmar IPOs today enter the last day of subscription. So far the Aptus Value IPO has been subscribed .37 occasions even though Chemplast Sanmar’s public situation has received bids for .26 occasions the total situation.