Share Market LIVE: Sensex falls 200 pts, Nifty below 17300 on weak global cues; ICICI Bank, HDFC Bank drag

07 Oct , 2022 By : Monika Singh

Share Market News Today | Sensex, Nifty, Share Prices LIVE: BSE Sensex and NSE Nifty 50 were trading in red on Friday on the back of weak global cues. BSE Sensex fell 200 points or 0.4 per cent to trade around 58014 level, while NSE Nifty 50 gave up 17300 level. Titan Company, HCL Tech, Maruti Suzuki India, Tech Mahindra, Reliance, Wipro were among top Sensex gainers. IndusInd Bank, State Bank of India, Power Grid Corporation of India, Tata Steel, Tata Consultancy Services (TCS), ITC, Axis Bank were among top BSE Sensex laggards. Bank Nifty fell 0.6 per cent to trade around 39044.

A close near 17300 takes some momentum away and the MACDF crossover will have to wait. Favoured view expects the pull back to finish in the 17260-187 region, before resuming uptrend. A close above this region is important to maintain the 18115 trajectory. Else expect sub 17000 levels again, though a collapse is less likely.

Nifty is expected to trade with positive bias above 17200. During this week, there is an improvement in the broader market activity also. This is inkling further upmove ahead and Nifty may test 17600 levels.

Nifty support at 17270-17226, and resistance was seen at 17401-17488. Bank Nifty support was placed at 39210-39070, and resistance at 39620-39890.

Nifty futures were trading 42.5 points or 0.25 per cent down at 17,273.50 levels on Friday, suggesting a weak start for BSE Sensex and NSE Nifty 50. Early trends on SGX Nifty were signalling that NSE Nifty 50 may open below 17300. Today investors will watch monthly US jobs report. Analysts said that the rising oil prices and spiking US Treasury yields were also making investors jittery about taking long term bets.

Nifty climbed for the second straight session, but some caution set in amidst lack of clarity on the Fed rate hike outlook. After an explosive start, the market was mostly seen consolidating its gains but, most importantly, the benchmarks stayed resilient ahead of the US Jobs report to trickle in on Friday. The rising oil prices and spiking US Treasury yields are also making investors jittery about taking long term bets. For Nifty, the immediate hurdle is seen at 17589 mark while intraday support is now seen only at 17227 zone with major support at 17017 mark.