18 Apr , 2022 By : monika singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic stock markets opened deep in red after a four-day gap. S&P BSE Sensex nosedived more than 1000 points or 1.7% to hover around 57,300 levles while the NSE Nifty 50 was down 1.5%, sitting just above 17,200. Bank Nifty was deep in red as well, below 36,800 and broader markets followed. Meanwhile India VIX, shot up 15% to regain 20 levels. NTPC was the top Sensex gainers, up 1.6%, followed by Tata Steel and Bajaj Auto. Infosys was the worst performing stock, down 6%. It was accompanies by Tech Mahindra, Kotak Mahindra Bank, and the HDFC duo.
“Key companies announcing their quarterly results are Mindtree, Star Housing, Earum Pharmaceuticals, DRC Systems India, Mishtann Foods etc. Crucial support for Nifty 50 is 17,000 while Nifty may face some resistance at 17,500,” said Mohit Nigam, Head – PMS, Hem Securities.
Nifty started last week on a flat note however selling pressure throughout the week led the index to end on a weak note. Nifty closed at 17476 with a loss of 309 points on a weekly basis. On the weekly chart the index has formed a long bearish candle forming lower High-Low compared to the previous week indicating weakness at current levels. The chart pattern suggests that if Nifty crosses and sustains above the 17700 level it would witness buying which would lead the index towards 17900-18100 levels. However, if the index breaks below the 17400 level it would witness selling which would take the index towards 17100-17000. For the week, we expect Nifty to trade in the range of 17800-17200 with mixed bias. The weekly strength indicator RSI is moving upwards and is quoting above its reference line indicating positive bias.
“Nifty support area is seen at 17300-17350 on closing basis. Higher oil prices to keep Bank Nifty under pressure. Market breadth and Nifty PCROI to remain key for any signs of reversal from current levels,” said Rahul Sharma, Director & Head – Research, JM Financial.
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