18 May , 2022 By : monika singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity benchmarks BSE Sensex and Nifty 50 were trading over half a per cent higher on Wednesday, a day before weekly F&O expiry. BSE Sensex jumped 260 points or 0.5 per cent to 54577, while NSE Nifty 50 was hovering near 16350. On S&P BSE Sensex, 25 stocks out of 30 scrips were trading in the positive territory, led by gains in Bharti Airtel, Bajaj Finance, M&M, Tech Mahindra, and Reliance Industries Ltd (RIL), among others. On the flip side, Power Grid Corporation of India, NTPC, Tata Steel, and Nestle India were ruling in the red. Nifty Bank index was up more than 0.6 per cent in Wednesday’s session
BSE Sensex jumped 260 points or 0.5 per cent to 54577, while NSE Nifty 50 was hovering near 16350 on Wednesday
Today, the USDINR pair is expected to open around 77.45 levels and is likely to trade in the range of 77.20 to 77.70 zone. On the local front, equities jumped by more than 2.50% as the global market showed recovery. However, FIIs remained a net seller in this kind of recovering market too. The domestic yields again started inching higher due to higher oil prices and this could pressurize RBI to go aggressive on their policy hikes. The rally in oil could again keep Rupee’s pullback limited. Thus, the pair could be seen trading in a broad range of 76.80 to 77.80 over the short term and 76.50-78.50 over the medium term
Markets may begin the session on a cautious note amid weakness in SGX Nifty, although US markets jumped sharply in overnight trades. Our call of the day suggests that after yesterday’s spectacular rebound, the door is open for additional Nifty recovery gains. However, cautious optimism is likely to be the preferred theme amidst headwinds like WPI inflation hitting 15.08% in April, European commission cutting Eurozone growth forecast lower, WTI crude oil struggling to hold $115 per barrel, and relentless selling from the FIIs camp as they sold shares worth Rs. 36,682 mark in May so far. Technically speaking, the Nifty has support at 15971 and below the same, it could swiftly move to 15671 mark. The index could find strength only above 16607 mark on closing basis with 200- DMA at 17253 mark.
For the trend following traders, now 16150/54000 would be the trend decider level, above which positive momentum is likely to continue till 16380-16450/54600-54800. On the flip side, one quick intraday correction is possible if the index trades below 16150/54000. Below the same, it could retest the level of 16080-16050/54200-54100.
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