Dalal Street got this week’s trading going with some positive momentum as benchmark indices closed with gains. S&P BSE Sensex was up 111 points on Monday’s closing, sitting at 50,651 points, although the Nifty 50 ended at 15,197. Broader markets outperformed benchmark indices although volatility was seen inching greater. On Tuesday morning, stock markets could possibly try to soar additional, with SGX Nifty sitting one hundred points greater, hinting at a gap-up start off. Cues from worldwide peers have been also positive following Wall Street equity indices closed in the green.
Global cues: On Wall Street, NASDAQ was the leading performer amongst benchmark indices as investors look to be seeking previous the inflation scare. NASDAQ surged 1.4%, followed by .99% jump in S&P 500. Dow Jones was up .54%. Among Asian peers, Shanghai Composite was up in green along with Hang Seng, Nikkei 225, TOPIX, KOSPI, and KOSDAQ.
Technical take: “A small negative candle was formed with minor upper and lower shadow,” stated Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “Normally, such a formation of high wave candle at the swing highs or after a reasonable up-move suggest profit booking from the highs. Having placed above the upside breakout of range at 15K mark and the upside breakout of trend line resistance on the weekly chart, we are unlikely to see any sharp weakness from here,” he added.
Levels to watch out for: Currently, 15,200-15,250 are posing a quick-term resistance for the Nifty, according to Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments. However, Manish Hathiramani stated that the trend continues to stay positive although adding that Nifty ought to be in a position to realize 15,300. “Until then, dips or intraday corrections can be used to enter long positions. The support of 15,000 is an important one and as long as that holds on a closing basis, we are in a bullish market.”
FII and DII activity: On Monday, Foreign Institutional Investors (FII) have been once again net purchasers of domestic securities, pumping in Rs 585 crore. Domestic Institutional Investors (DII) have been net sellers, pulling out Rs 707 crore from the market place.
Results today: Alkem Laboratories, Bayer CropScience, Emami, AIA Engineering, Thermax, Bajaj Electricals, Computer Age Management Services, TTK Prestige, AstraZeneca Pharma India, Vardhman Textiles, Laxmi Organics Industries, LUX Industries, VIP Industries, Transport Corporation of India, Stove Kraft, Ramco Systems, GATI, TVS Srichakra, are some of the organizations that will report their quarterly outcomes today.