Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices started Wednesday’s trading session with gains.
The company is looking to raise funds in a fixed price band of Rs 443-453 per share through the public issue which is entirely an Offer for Sale by existing shareholders of the firm.
Increasing from 55.9 in October to 57.6 in November, the seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index® signalled the strongest improvement in the health of the sector for ten months.
If the Nifty does not hold 16900, we could drop to 16500,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Thus, dips should be capitalised on to accumulate quality stocks as we do not expect Nifty to breach key support threshold of 16900-16700.
“Whipsaw movement continues as SGX is again showing a positive start for Nifty in spite of negative global cues.
On Tuesday, after a positive opening the index quickly surpassed the yesterday high and rallied over 200/900 points but once again bears took the charge at higher levels and due to profit booking at higher levels the index corrected sharply.
On the technical front, the key resistance levels for Nifty50 are 17230 followed by 17480 and on the downside 16840 followed by 16680 can act as strong support.
Nifty is currently in a short term downtrend and traders are suggested to avoid taking new long positions,” Gaurav Udani, CEO & Founder, ThincRedBlu Securities.
It formed an inverted hammer like pattern on daily charts after a fall, suggesting possibility of an upward reversal as long as the lows of 16931 are protected.
As the clarity would emerge over the next few weeks with regards to its transmission, impact on hospitalization, mortality, etc, the market direction would be decided in due course.
On the charts, a small negative candle was formed on the daily chart with a long upper shadow, according to Nagaraj Shetti, Technical Research Analyst, HDFC Securities.