Domestic equity markets snapped their gaining streak to finish flat with a adverse bias on Tuesday. S&P BSE Sensex settled at 51,934 even though the 50-stock NSE Nifty ended the day at 15,574, just after hitting a record higher of 15,660 through the day. Broader markets fared worse on Tuesday even though the volatility index surged greater. On Wednesday morning, SGX Nifty was in the red, hinting at a weak get started for equity markets. Cues from worldwide peers have been mixed through the early hours of trade. On the charts, Nifty’s positive momentum has not been altered. “Tuesday’s consolidation movement has not changed the positive sentiment created in the market,” mentioned Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Global cues: Equity indices on Wall Street closed mixed on Tuesday. NASDAQ and the S&P 500 ended in the adverse even though the Dow Jones closed with gains. Among Asian peers, Shanghai Composite was in the adverse along with Hang Seng, and KOSDAQ. TOPIX, Nikkei 225, and the KOSPI have been up in the green.
Technical take: On Tuesday, Nifty formed a modest adverse candle at the new highs with minor upper and reduce shadow, as per the everyday timeframe chart. “Technically, this pattern indicate tiredness in the market after a strong up-move of Monday. This consolidation movement so far not showing any negative implication on the trend and the market could resume its uptrend soon,” mentioned Nagaraj Shetti, Technical Research Analyst, HDFC Securities. Analysts have their eyes set on the RBI’s MPC meeting this week for additional indications for the market place.
Levels to watch out: The trend, chartists say, is nonetheless positive for Dalal Street. Any positive trigger could take the market place greater towards 15,775-15,800, according to Manish Shah, Founder, Niftytriggers. He added that help for the index is placed at 15,450-15,500.
FII and DII trades: Foreign Institutional Investors (FII) have been net sellers of domestic equities on Tuesday, pulling out Rs 449 crore. Domestic Institutional Investors (DII) have been net purchasers, pumpkin in Rs 230 crore.
Results today: Motherson Sumi Systems, Muthoot Finance, Ranami Metals & Tubes, PVR, MTAR Technologies, Panacea Biotec, NRB Bearings, Dhunseri Ventures, are some of the firms that will report their quarterly earnings today.