Following US Fed’s hawkish comments, domestic benchmark indices mirrored international peers on Thursday and closed in the damaging territory. On the closing bell, S&P BSE Sensex was at 52,323 though the Nifty 50 index ended the day at 15,691. Broader markets followed. On Friday morning, SGX Nifty was up in the green hinting at positive momentum constructing up ahead of the opening bell. Global cues have been mixed for the duration of the early hours of trade. “Domestic Market may consolidate for some time before resuming its rally. Technically too, the trend remains intact till Nifty holds above 15,700 for an up move towards 16k mark,” stated Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
Global watch: On Wall Street, the tech-heavy NASDAQ closed .87% larger but S&P 500 and Dow Jones remained in the damaging. Among Asian peers, Shanghai Composite and TOPIX have been down in the red though Hang Seng, Nikkei 225, KOSPI, and KOSDAQ have been up with gains.
Technical take: For the initial time in 19 sessions, Nifty has dropped for two consecutive trading sessions, according to Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “Hence, this action signal strength of profit booking which has emerged from the new highs. This is not a good sign for bulls to sustain the highs,” he added. Nagaraj Shetti added that Nifty has broken the important help of 10 day EMA.
Levels to watch out: “On an immediate basis, 15770/52500 and 15850/52700 levels would be major hurdles (for Nifty/Sensex),” stated Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities. He added that beneath 15550/51700, the Nifty/Sensex would progressively fall to 15400/51300 or in the worst-case situation 15300/51000.
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FII and DII trades: Foreign Institutional Investors (FII) have been net sellers for a second consecutive day on Thursday. FIIs pulled out Rs 879 crore. Domestic Institutional Investors (DII), having said that, turned net purchasers, pumpkin in Rs 45 crore.
IPO watch: At the finish of day-2 of subscription, Dodla Dairy Limited was subscribed by investors 3.3 instances with retail investors subscribing to their portion 6.18 instances. On the other hand. KIMS IPO crossed the halfway mark and closed with .56 instances subscription. Retail investors have oversubscribed KIMS IPO.