Home Business Charts suggest further upside for Sensex, Nifty; 6 things to know before opening bell on D-Street

Charts suggest further upside for Sensex, Nifty; 6 things to know before opening bell on D-Street

Financial Express - Business News, Stock Market News

stock markets in asiaForeign Institutional Investors continued to buy domestic securities, yet again on Tuesday.

Domestic equity markets Sensex and Nifty made a stellar comeback on Tuesday, after having suffered losses for two consecutive trading sessions. Now, having recouped almost all those losses, S&P BSE Sensex sits at 49,398 points while Nifty 50 is at 14,521. However, the leap from yesterday may not continue on Wednesday morning, as SGX Nifty was hinting at a gap-down start. Just ahead of the change in the Oval Office, Wall Street was buzzing with gains on Tuesday. Asian Peers were also seen mirroring the up-move. 

Global cues: On Tuesday, NASDAQ surged 1.53%, followed by a 0.81% jump in S&P 500 and 0.38% upward march by Dow Jones. Apart from stock markets in Japan, all other markets in Asia were trading in green. Kosdaq was up 1.55% while Hang Seng gained 0.41%. 

What do the charts say: Nifty made an excellent comeback on Tuesday, on the charts this signalled a strong return of the bulls. “A long bull candle was formed on Tuesday post negative candles of previous two sessions. This pattern could indicate a sharp comeback of bulls from the lower levels,” said Nagaraj Shetti, Technical Research  Analyst, HDFC Securities. He expects Nifty to challenge the all-time high of 14,653 soon. 

Support and resistance levels: “ The market is heading for 14580/49600 levels, which is a crucial hurdle point for the market. On the decisive break of 14580/49600 levels, it would result in retesting of 14650/49800 levels, which is an all-time highest level. On the downside, 14450/49100 and 14350/48800 would be major supports,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.

Also Read: Nifty stretched or undervalued? PE multiples will shift higher, says ICICI Direct; sees 13% upside

FII and DII data: Foreign Institutional Investors continued to buy domestic securities, yet again on Tuesday. This time, being net buyers of Rs 257 crore worth of stock. FIIs were also net buyers of Index futures, Index options, and stock futures and options. Domestic Institutional Investors (DII) on the other hand, pulled Rs 199 crore away from markets.

Results today: Agro Tech Foods, Bajaj Finserv, Bajaj Finance, Everest Industries, Federal Bank, GMM Pfaudler, Havels India, HDFC Asset Management Company, Hindustan Zinc, L&T Technology Services, and VST Industries will announce their quarterly results today.

IPO Market: Today the first public issue of 2021, IRFC, will close for bidding. The issue has already been oversubscribed by investors. The day will also witness the opening of the bidding process for Indigo Paints’ IPO.



This article is auto-generated by Algorithm Source: www.financialexpress.com

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