Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets were down in the red on Wednesday with Sensex falling close to 60,100 while Nifty 50 managed to hold just above 17,900.
In fact if we take a close look at the daily time frame chart, we can see prices oscillating precisely within the boundaries of a small ‘Upward Sloping channel’.
Yesterday’s correction was mainly led by RELIANCE and banking space; hence all eyes on these going ahead as they are going to dictate the near term direction.
Sapphire Foods, a YUM Brands franchisee operator in India, Sri Lanka and Maldives, saw its Rs 2,073 crore IPO garner strong interest from investors, with the overall subscription tally reaching 6.62 times as all category of investors oversubscribed their portion of the issue.
“We expect, the Bank Nifty index to continue with its consolidation around the crucial support area of 50 days EMA.
On the day of the opening of the IPO, trends in the grey market suggest strong interest in the company with a heavy premium of Rs 555 apiece, or 80%, above the issue price.
The lack of faster retracement on either side indicates extended consolidation which would offer incremental buying opportunity as index approaches price/time wise maturity of correction,” ICICI Direct said.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading marginally up in India on Wednesday, following international trends.
“Since the last few trading sessions Nifty has been facing strong resistance in 18100-18200 range and has support in 17800-17850 range.
Among sectors, PSU Banks and Pharma indices witnessed selling pressure, while despite weak market sentiment, the Auto index rallied over 2.5 per cent.
“Stock specific actions can be witnessed in stocks such as Coforge .
The Nifty weekly strike wise PCR OI of 18000 fell to 0.85 vs 0.1.10, indicating call writing and fresh call writing was seen at strike price 18100 , which indicated that the index could continue the previous day trend .
Analysts say that due to the last two days’ of small correction, Nifty is trading in range; but some of the heavyweights are now indicating a possible weakness from hereon.
Analysts said that the overstretched valuations with a number of global financial services firms maintaining a cautious view on Indian equities were affecting the markets sentiments.
“Nifty has closed marginally below its 10-day EMA of 18,012, and very close to 20-day EMA of 17,991.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: The prices of petrol and diesel have been left unchanged for the 13th day straight on Tuesday by Oil Marketing Companies.
We expect the long-term fundamentals of the market to remain positive and hence investors can look to accumulate good quality stocks.
As long as the minor positive chart pattern of higher tops and bottoms is intact, there is a hopes of upside bounce from the lows,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Go Fashion Ltd, which owns women’s wear brand Go Colors, on Tuesday said it has raised a little over Rs 456 crore from anchor investors ahead of its IPO roll-out on Wednesday.