30 May , 2022 By : monika singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading more than 1 per cent higher on Monday. BSE Sensex soars over 650 points or 1.2 per cent to trade at 55,527, while NSE Nifty 50 index rallied 187 points or 1.1 per cent to rule at 16,540. Infosys, Mahindra & Mahindra, Wipro, HCL Tech, Tata Consultancy Services (TCS), UltraTech Cements, HDFC, Reliance Industries Ltd were top Sensex gainers. All the Nifty sectoral indices were trading in the green, with Nifty IT leading the pack, up 2.6 per cent. Nifty Bank index was up 1.2 per cent, Nifty Auto added 1.8 per cent, and Nifty FMCG gained 0.9 per cent.
The 16400 wall that had turned down at least three bold upside attempts in the last 30 days, still stands firm, but will be facing one of the strongest challenges shortly, as the event risks in the coming fortnight hold an element of positive surprise as well. The argument that Nifty’s bounce is off just the 23% fibo of the 2020 rally, loses its voice when compared with S&P500’s turn higher from the 62% fibo, bouncing over 7%, and with more room for upside before mean reversion challenges surface. This encourages us to stick with a 16750 move initiated last week, even though the default approach would be to expect rejection trades at 16415. The downside risk level identified as 16084 last Friday will be moved higher to 16186/51region. In fact, there is no doubt that Nifty is poised for a gigantic move shortly. Being at the upper extremity of a month old parallel consolidation range, downsides have a 1400 point potential, as opposed to 700 point potential for upsides, as a measure of the range and the side that Nifty would be coming out of. That said, the fortnight ahead will be one for the risk takers.
All the Nifty sectoral indices were trading in the green, with Nifty IT leading the pack, up 2.6 per cent. Nifty Bank index was up 1.2 per cent, Nifty Auto 1.8 per cent, Nifty FMCG 0.9 per cent
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