Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic stock market benchmarks BSE Sensex and NSE Nifty 50 were trading nearly half a per cent up on Monday on the back of positive global cues. BSE Sensex was up 272 points or 0.5 per cent to trade above 60,000, while Nifty 50 index soared above 17900. Tech Mahindra, Infosys, Tata Steel, HCL Tech, M&M, Wipro, TCS, Titan Company, ICICI Bank, Dr Reddy’s, Reliance, were among top index gainers. HDFC (Housing Development Finance Corporation) was the only S&P BSE Sensex loser. Nifty Bank index was up 0.3 per cent, to trade above 40,540.

The chart pattern suggests that if NSE Nifty 50 crosses and sustains above 18000 level it would witness buying which would lead the index towards 18100-18400 levels. However, if the index breaks below 17600 level it would witness selling which would take the index towards 17500-17300. For the week, we expect Nifty to trade in the range of 18400-17400 with a positive bias. The daily and weekly strength indicator RSI is above its respective reference lines indicating positive bias.

Bank Nifty has begun to show much more upward mobility than Nifty. Its present up move, which is the third such attempt since markets came off the 2021 peaks, has returned 26% in the span of 84 days, putting the last two attempts to shade. Further, the present move is replete with bullish continuation patterns, adding credence to the expectation that this run could get extended much beyond the record peak. Nifty Midcap100 index has broken out of the flag pattern on weekly time frame alongside a psar breakout in the monthly charts painting a positive outlook for the index in the medium term. 

BSE Sensex was up 272 points or 0.5 per cent to trade above 60,000, while Nifty 50 index soared above 17900

Last Friday’s rejection trades on approach to 17900 revives collapse fears, having fallen about 4.5%, the last time Nifty rose above 17900, on 19 August. But the main difference this time is that last Friday’s dip was accompanied by decline in VIX, as opposed to a rise in VIX on 19th August. This encourages us to look for 18160-18600 in the near term. Alternatively, inability to float above 17750, will negate our bullish bias, and revisit chances of 17000-16650, should 17450 give away as well.

Market pundits are calling for caution amid a surge in Indian equities since mid-June and the benchmark 50-share Nifty nearing a decisive resistance level of 18,000. The index has corrected on four occasions after breaching the mark in the past year, with three corrections in excess of 10%. A gap of more than 2 percentage points between the yield of 10-year government securities and that of Nifty50 earnings has also coincided with the peaking of Nifty, according to foreign brokerage Jefferies. The current gap stands at 2.01 ppt.