Domestic benchmark equity indices sit close to all-time highs, soon after gaining more than 1% every through the preceding week. S&P BSE Sensex is at 52,925 even though the 50-stock NSE Nifty is at 15,860. Ahead of the initial trading session of the week, SGX Nifty was trading in the green, hinting at some positive momentum for domestic equities. On the charts, analysts think Nifty is nonetheless in an uptrend and could shart fresh highs in the coming sessions. “A long bull candle was formed on the weekly chart, after the consolidation movement of the previous two weeks. This is a positive indication as per larger timeframe chart,” mentioned Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Global cues: On Wall Street, NASDAQ ended in the red on Friday even though Dow Jones and S&P 500 gained. Among Asian stock markets, Shanghai Composite, Nikkei 225, and KOSPI have been in the red even though Hang Seng, TOPIX, and KOSDAQ jumped greater.
Technical take: “Nifty 50 index has been trading sideways for almost three weeks now. It seems to be facing a temporary halt after a period of outperformance. Overall market sentiments in global indices look positive and eventually Nifty is also likely to catch up,” mentioned Nirali Shah, Head of Equity Research, Samco Securities.
Levels to watch out for: Nifty faced resistance at 15,900 levels through the preceding week. “The market is now placed to show upside momentum above the hurdle of 15900 levels in the coming few sessions. A sustainable move above this area could open further upside towards 16200 in the near term. Immediate support is placed at 15770,” mentioned Nagaraj Shetti.
Stock marketplace debut: Today, Dodla Dairy and Krishna Institute of Medical Sciences’ shares will start out trading on the stock exchanges. While the IPO of Dodla Dairy was subscribed more than 45 instances by investors, the KIMS IPO was subscribed a tiny more than 3 instances.
FII and DII trades: On Friday, foreign institutional investors (FII) have been net sellers of Rs 678 crore worth of stocks. Meanwhile, Domestic Institutional Investors (DII) have been net purchasers of Rs 1,832 crore worth of securities.