Share Market LIVE: Sensex off day’s high, still in green, Nifty gives up 17750 – The Financial Express

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets began trading in the green on Monday morning, looking to recover some of last week’s losses.

Along with the new IPOs, Nykaa’s issue will close today after witnessing strong interest from investors, who oversubscribed the IPO on the first day of sale.

At 55.9 in October, the seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index was in expansion territory for the fourth month in a row.

The key factors in driving the market were improved macro indicators, strong global liquidity, increased economic activities, significant pickup in vaccination, improvement in the consumption-related data, ease in monetary policy and sharp recovery in corporate earnings.

We expect buying demand to emerge around the key support threshold of 17500 in the upcoming truncated week and undergo a higher base formation that would make market healthy after a 20% rally seen over the past three months.

Nifty Put options OI distribution shows that 17000 has highest OI concentration followed by 17500 & 17800 which may act as support for the current expiry.

“A pull back is in order, aiming 17833 initially but Nifty does not look primed for a vertical rise.

Commodity prices traded weak with most of the commodities in non-agro segment witnessed selling in the last trading session of the week.

The trigger for the correction  has been the sustained FII selling during the last 9 trading days following the downgrading of India by some leading foreign brokerages like UBS and Nomura who are concerned about excessive valuations.

“On the technical front, Nifty 50 is currently trading at a very good support zone near 17,500 -17,700 and we believe markets may show some good recovery from these levels.

“Nifty needs to reclaim 17,800 today for any meaningful recovery to happen or else any attempt by bulls might go in vain.

Traders are suggested to avoid long positions till the time Nifty trades above 18350,’ Gaurav Udani, CEO & Founder, ThincRedBlu Securities.

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: The price of petrol and diesel were increased by oil marketing companies for the sixth consecutive day on Monday.

Over the past couple of months, we have been seeing more of small intermittent corrections within the market at sectoral level, rather than at the headline index level.

A host of factors such as domestic macroeconomic data announcements, quarterly earnings, oil prices, rupee movement, and other global cues will be the major sentiment drivers for the equity market in a holiday-shortened week ahead.

Stocks edged higher on Monday, led by a post-election jump in Japan’s Nikkei, though bonds wobbled and the dollar firmed as traders braced for central bank meetings in Britain, Australia and the United States to define the rates policy outlook.

Keeping in mind the prevailing trend and excessive volatility, it’s prudent to maintain extra caution in the selection of stocks and prefer hedged positions,” said Ajit Mishra, VP Research.

…Read the full story