Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic market started the day with gains as bulls attempted to make a comeback.
The markets are still in negative territory and unless we do not close above 17500 on the Nifty, the short-term trend does not change,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Go Fashion shares listed on the stock exchanges today at a sharp premium amid bullish market momentum.
Alternatively, if 16950 is broken then we may see another round of down-move until 16,700,” said Rahul Sharma, Director & Head Research, JM Financial.
“Nifty futures witnessed flat OI activity while Bank Nifty futures saw short covering of around 9%.
“On the technical front, the key resistance levels for Nifty 50 are 17215 followed by 17380 and on the downside 16840 followed by 16620 can act as strong support.
For Nifty, the immediate resistance is seen in the range of 17200 – 17300 and with a slightly broader view, till the time we do not move beyond 17600, we are not out of the woods yet.
After touching a record high on 18th Oct’21, the Nifty has corrected 8% so far, led by various global factors and detection of a new COVID-19 variant – Omicron – in South Africa.
“The down-trend status in Nifty is still alive and the minor pullback rally is expected in the next 1-2 sessions,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
16782 will be a crucial level to watch out for on the downside, while on the upside 17280 could offer resistance,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
In fact, upcoming GDP data for Q2FY22 is likely to reaffirm that the economy is on the mend and will likely be back to pre-pandemic levels before end-March 2022.