27 Jun , 2022 By : Monika Singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Dalal Street continued its up-move on Monday’s opening bell. S&P BSE Sensex opened more than 600 points or 1.2% higher, breaching 53,300 levels while NSE Nifty 50 index was up 190 points or 1.21% just shy of 15,900. Bank Nifty was also up with gains, crossing 34,000 and India VIX regained 21 levels. Broader markets followed the up-move. Tech Mahindra was the top Sensex gainer, up 3.47%, followed by HCL Technologies, Infosys, and Larsen & Toubro. Nestle India was the only Sensex stock in red with minor losses.
The battle with inflation could be a prolonged one, according to deputy RBI governor Michael Patra. On Friday, Patra said that retail inflation will likely get back to the mid-point of the Reserve Bank of India’s (RBI) medium-term target of 2-6% in two years, given the raft of measures initiated by the monetary and fiscal authorities. Retail inflation slipped to 7.04% in May from a 95-month high of 7.79% in April this year. The fall in inflation came as price pressure across core and food products moderated, partly aided by a somewhat conducive base. Earlier this month, MPC noted that inflation is likely to remain elevated for the first three quarters of the current financial year and projected inflation for the year at 6.7%.
China stocks rose on Monday, with tourism and consumer sectors leading the gains, as Shanghai’s top party boss declared victory over COVID-19 after the city reported zero new local cases for the first time in two months. Hong Kong equities surged the most in nearly six weeks, with tech giants climbing to their highest level since March 1.The CSI300 index rose 1.3% to 4,449.70 points at the end of the morning session, while the Shanghai Composite Index gained 0.9% to 3,379.16 points.The Hang Seng index added 3.2% to 22,403.53 points. The Hong Kong China Enterprises Index gained 3.4% to 7,886.79.
Going ahead, we expect NSE Nifty 50 to eventually resolve past falling channel (confining price action since early June) is placed at 15800 and gradually head towards 16200 levels in coming weeks as it is 61.8% retracement of June decline (16794-15183) coincided with upper band of negative gap recorded on June 13 (16201-15878). On the downside, the past two weeks’ identical low of 15200 would act as immediate support for the Nifty. In the process, we expect volatility to remain high owing to monthly expiry week. Thus, any dip towards 15400 should be used as a buying opportunity.
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