Domestic equity markets continued to climb greater on Wednesday, this time attain fresh all-time highs. S&P BSE Sensex now sits at 49,792 points whilst the broader Nifty 50 index was at 14,644. For Thursday, SGX Nifty was trading 52 points greater, hinting at a continuation of the trend of the final two days. On Wednesday, Wall Street was cheering the 46th President of The United States, as equity indices surged throughout the day’s trade. The very same positive momentum was carried on to Asian markets.
Global watch: On Wednesday, NASDAQ zoomed 1.97%, followed by a 1.39% jump in S&P 500 and a .83% rise in Dow Jones as Wall Street welcomed the new US President. The bullish momentum was carried on to Asian markets as effectively with Shanghai Composite, Nikkei 225, TOPIX, KOSPI, and KOSDAQ all up in the green. Hang Seng was trading with losses.
What do the charts say: Nifty has now gained for two consecutive sessions and has managed to attain a fresh all-time higher. “Another long bull candle was formed, which indicate an uptrend continuation pattern. The previous four sessions decline has been retraced completely in the last two session. This faster retracement could signal further upside in the short term,” mentioned Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
: Rakesh Jhunjhunwala impact: Wockhardt shares jump 6% as huge bull emerges amongst big shareholders
Support and resistance levels: Equity benchmarks could surge to attain record highs after once again, analysts think. ”Even if the industry does not hold at a higher level, we can anticipate a rally in the very best case situation up to 14750/50000 and up to 14850/50500,” mentioned Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities whilst warning of volatility ahead of the Union Budget. Chouhan advised investors to obtain on dips involving 14550-14500/49600-49500.
FII and DII information: Foreign Institutional Investors (FII) have been net purchasers of domestic securities on Wednesday, after once again. Data showed FIIs pumped in Rs 2,289 crore into domestic markets. However, FIIs have been net sellers on index futures & selections along with stock futures & selections. DIIs continued to be net sellers.
Results today: Aavas Financiers, Asian Paints, Bajaj Auto, Bajaj Holdings & Investment Limited, Bandhan Bank, Biocon, Cyient Limited, Indian Energy Exchange, IIFL Securities, Jindal Steel & Power, JK Tyre and Industries, Kajaria Ceramics, Mphasis, Nam Industries, Reliance Power, SBI Cards and Payment Services are amongst the firms that will report their quarterly benefits today.