Share Market LIVE: Sensex jumps 350 pts, Nifty hits 17800 on positive global cues; M&M, Asian Paints jump

16 Aug , 2022 By : Monika Singh

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic stock market benchmarks BSE Sensex and NSE Nifty 50 were trading over half per cent up on Tuesday, as traders returned to D-St after a 3-day holiday. BSE Sensex jumped nearly 400 points to 59,856, while NSE Nifty 50 reclaimed 17800. M&M, Asian Paints, Axis Bank, IndusInd Bank, HDFC Bank, Nestle India, HDFC, Bajaj Finserv, HUL, Kotak Mahindra Bank, Maruti Suzuki were among top BSE Sensex gainers. Tata Steel, NTPC, Sun Pharma were BSE Sensex laggards. Nifty Bank index was up nearly one per cent to trade at 39382, and Nifty FMCG jumped more than a per cent.

Syrma SGS Technology IPO opened for subscription last week on Friday and garnered a decent response on the very first day. The issue has been subscribed a total of 0.37 times with retail investors leading the charge. The Rs 840-crore public issue is still open for subscription for investors till Thursday, August 18 and investors can bid for the shares of the engineering and design company in the fixed price band of Rs 209-220 per share. Ahead of its listing, the shares of the company are trading at a premium of Rs 15 per share in the unlisted space. The grey market premium has held steady since the IPO opened.

Nifty Bank index was up nearly one per cent to trade at 39382, and Nifty FMCG jumped more than a per cent

The chart pattern suggests that if Nifty crosses and sustains above 17800 level it would witness buying which would lead the index towards 18000-18300 levels. However if the index breaks below 17600 level it would witness selling which would take the index towards 17300-17000. For the week, we expect Nifty to trade in the range of 18000-17400 with a positive bias. The weekly strength indicator RSI is moving upwards and is quoting above its reference line indicating positive bias.

The 2 sd range of Nifty projected by the trades of the last 20 days is at 2000 points and Nifty is just 1.6% away from the upper range. Historically such a set up has usually led to corrections. Oscillators are now either overbought or show negative divergence, but they have been so for a while now, which is in line with how oscillators behave during strong uptrends. It is such bear traps that give more legs to the uptrend, with both FOMO as well as short covering chipping in, as it is difficult to pick the top of an uptrend.