Home Business Will Sensex reclaim 50,000 today? 5 things to know before opening bell on Dalal Street

Will Sensex reclaim 50,000 today? 5 things to know before opening bell on Dalal Street

Financial Express - Business News, Stock Market News

Once again Foreign Institutional Investors were net buyers of domestic stocks, pumping in Rs 1,614 crore.

After scaling 50,000, Sensex reversed all gains and ended Thursday’s trading session in the red. Similarly, the 50-stock NSE Nifty closed with losses, just below 14,600 levels. On Friday morning, SGX Nifty was down 16 points hunting at a gap-down start for domestic equities, meanwhile, cues from global peers were mixed as Dow Jones ended yesterday’s session with a negative bias while S&P 500 closed flat with marginal gains. However, analysts are not giving up on the bulls yet.

What do the charts say: “Technically, the index still maintains higher high and higher low series. However, on daily chart the Nifty/ Sensex has formed Hammer candlestick reversal formation which suggests high chances of quick intraday correction,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities. Nifty has been trading above its 21 Days Moving Average, according to Sumeet Bagadia, Executive Director, Choice Broking, which, he adds, supports the bullish trend for the near term.

Levels to watch out: “The supports for Nifty are placed around 14500 and 14410 whereas resistance is seen in the range of 14700-14750,” said Ruchit Jain Senior Analyst – Technical and Derivatives, Angel Broking. Jain advises going for stock-specific action at this point. “Below 14750/50185 levels correction is likely to continue up to 14550-14500 /49500-49200. On the other side, 14750/50185 would be the immediate hurdle for the bulls, above the same the index could rally till 14850 /50500,” said Shrikant Chouhan.

Also Read: Sensex touches 50,000 but faces immediate pullback; are bears catching up now?

FII and DII data: Once again Foreign Institutional Investors were net buyers of domestic stocks, pumping in Rs 1,614 crore. They were also buyers of Index futures and options. Domestic Institutional Investors (DII) pulled out Rs 1,039 crore.

Global watch: While Dow Jones ended in red, S&P 500 closed with a positive bias on Thursday. Meanwhile, NASDAQ ended 0.55% higher. Among Asian peers, Shanghai Composite, Hang Seng, Nikkei 225, and TOPIX were all in the red. South Korean equity markets were up in green.

Results today: Today, Crompton Greaves Consumer Electricals, Gland Pharma, HDFC Life Insurance, Indian Bank, JSW Steel, SBI Life Insurance, Reliance Industries, Symphony Limited, and Yes Bank will be among the firms reporting their quarterly results.



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

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