Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets were trading with gains on Thursday as bulls attempted to come back on Dalal Street.
Until then the bias continues to be on the downside,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
The IMF has retained its GDP projections of India in the current fiscal year at 9.5% and 8.5% growth for the next year, retaining the tag of one of the fastest growing economies.
“Nifty needs to cross 17200 for more upside while 17000 needs to be defended to avoid any change in trend.
On daily chart, we see that Nifty remains in a downtrend despite the bounces seen in last two sessions.
“The overall negative chart set up remains intact and further upside from here could encounter strong overhead resistance around 17300-17400 levels in the next 1-2 sessions, before showing another round of weakness from the highs.
As per the options segment, 17100-17000 will be seen as the immediate support for Nifty now while 17300 is the immediate resistance.
The banking index which had seen an underperformance recently, witnessed some short covering as the index has managed to take support around its 200 DMA.
The initial public offering by Star Health Insurance was subscribed just 20% on the second day of bidding on Wednesday, following a 12% subscription on the first day.