26 May , 2022 By : monika singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic stock markets opened with gains on Thursday morning. S&P BSE Sensex rose more than 300 points or 0.5% to breach 54,000 again while the Nifty 50 index crossed 16,100, gaining 0.4%. Bank Nifty was up nearly 1% while India VIX fell 1.8%, giving up 25 levels. Nestle India was the top gaining stock on Sensex, up 1.4%, followed by HDFC Bank, and HDFC. Asian Paints fell more than 1%, accompanied by NTPC and Hindustan Unilever.
The US Federal Reserve’s Federal Open Market Committee (FOMC) has discussed the likelihood of further rate hikes to the tune of 50 basis points, the latest meeting minutes showed. FOMC members seemed to be in agreement to raise interest rates by 50 basis points over the next few meeting as it aims to tame the rising inflation. The US has been battling with 40-year high inflation. The FOMC meeting aided Wall Street’s up-move on Wednesday with NASDAQ, S&P 500, and the Dow Jones all closing with gains.
“Overnight, the Fed minutes were released where all participants agreed for 50 basis point interest rate hike and laid out plans for aggressive Quantitative Tightening to begin in June. Our call of the day suggests that any intraday bull ride is likely to last only for a brief period and probably, gradually pave the path for the bear to a sleepover. Nifty is likely to witness mostly downward fluctuation owing to growth and inflation bets which continue to dominate investors’ sentiment negatively. The line in the sand is at Nifty’s support at 15971 mark and below the same, the index could swiftly slide to 15671 mark. Nifty is likely to gain strength only above 16411 mark on a closing basis with 200 – DMA at 17261 mark,”
“We expect index to trade with a positive bias amid elevated volatility owing to monthly derivative expiry. Hence, use intraday dip towards 15980-16012 for creating long position for the target of 16097.”
“We’re just replicating global sentiments which are not showing any sign of improvement. Besides, we don’t expect any relief on the volatility front due to the scheduled expiry of May month derivatives contracts. Since most sectors are reeling under pressure, participants should align their positions accordingly and use rebound to create shorts,”
On the Option front, Maximum Call OI is at 16500 then 16200 strike while Maximum Put OI is at 15500 then 16000 strike. Significant Call writing is seen at 16200 then 16150 strike while Put writing is seen at 15500 with unwinding at 15300 strike. Options data suggests a trading range between 15800 to 16400 zones.
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