Domestic stock markets resume trading soon after a short halt on Wednesday. Sensex at the moment sits at 48,544 points, recouping some of Monday’s losses. Nifty 50, on the other hand, is settled at 14,504. SGX Nifty was down in the red, hinting at a damaging start out for equity markets that have continued to fluctuate amongst a broad variety more than the final handful of trading sessions. Global cues have been mixed on Thursday. Investors are most likely to maintain an eye on earnings and take note of stock-particular actions whilst the increasing coronavirus circumstances continue to spook investors.
Global watch: On Wednesday, Wall Street traded mixed with Dow Jones closing with gains but S&P 500 and NASDAQ failed to get and ended in the red. Among Asian peers, Shanghai Composite, Hang Seng, and KOSDAQ have been in the red whilst Japanese stock markets surged larger.
Technical take: On Tuesday, Nifty formed a extended bull candle was formed with minor reduce shadow. “Technically, this pattern indicates a counter attack of bulls from the lows and this could open up more upside bounce in the short term,” mentioned Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Levels to watch out for: Now Nifty requires to hold above 14,500 zones for an up move towards 14650 and 14800 zones whilst on the downside, help exists at 14,250 and 14,one hundred zones, mentioned Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services. Meanwhile, Nagaraj Shetti is of the view that Nifty could revisit the upper variety of about 14,800-14,900 levels in the coming weeks. “Immediate support is placed at 14,420,” he added.
FII and DII trades: On Tuesday Foreign Institutional Investors (FII) continued to sell domestic stocks, this time worth Rs 730 crore. Domestic Institutional Investors (DII) have been net purchasers, pumping in Rs 243 crore on Tuesday.
Results today: After TCS and Infosys, today yet another IT big, Wipro will be announcing its fourth quarter outcomes. Along with it, Hathway Bhawani Cabletel and Tinplate Company will also announce their outcomes.