09 Sep , 2022 By : Monika Singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 were trading nearly half a per cent higher on Friday, on positive global cues. BSE Sensex jumps 400 points or 0.6 per cent to 60119, while NSE Nifty 50 index jumped 0.6 per cent to top 17900. IndusInd Bank, Hindustan Unilever, Tata Steel, State Bank of India (SBI), NTPC, Dr Reddy’s Lab, Axis Bank, ICICI Bank were among top gainers. Bharti Airtel, Bajaj Finance, L&T, and M&M were among top Sensex laggards. Sectorally, Nifty Bank index was up 0.8 per cent to 40,535.
The 12 day trading range of 17,400-17,777 and set a positive undertone in the market. Positive market breadth and outperformance of our domestic Index in comparison to its global peers might propel to challenge the psychological level of 18,000. One can expect the Nifty to eventually head towards 18,300 in September 2022 as it is the swing high of January 2022. Nifty also registered a bullish golden crossover in August (50-DEMA crossing above 200-DEMA) implying major shift of momentum from a medium term perspective. During the day index is likely to open on a positive note amid pullback in global equity market and sharp decline in crude prices and is likely to continue with its positive momentum and challenge 18,000 levels.
BSE Sensex gave up 60,000, and NSE Nifty 50 index slipped below 17900 levels after few minutes into the trade.
“Nifty rose on September 8 after a two day fall. Nifty opened gap up and then remained in a 102 point range through the day. At close, Nifty was up 0.99% or 174.35 points at 17798.75. Among sectors, Banks and IT gained the most, while Metals and Realty fell the most. Broad market indices i.e. Midcap and Smallcap indices rose less than the Nifty, thus underperforming. Advance decline ratio was positive at 1.56:1 Nifty broke above the recent high of 17777 easily. Now the next tough resistance is 17992. On falls, 17651 could be the support.”
“Positive global cues helped markets rebound from 2-day losses led by banking stocks. India's growth resilience is something that investors are betting on considering concerns of global slowdown amid rising interest rates. Technically, the Nifty took support near 17690 and reversed thereafter. On daily charts, the index has formed a small bullish candle and has reclaimed the 20 day SMA (Simple Moving Average) level as well. For the trend following traders now the 20 day SMA or 17650 would act as a key support level. Above which, the index could rally till 17900-18000. On the flip side, below 17650, bulls may prefer to exit from the long positions.”
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