19 Jul , 2022 By : Monika Singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Indian benchmark indices opened on negative note amid weak global cues. The Sensex was down 180.14 points or 0.33% at 54341.01, and the Nifty was down 51.60 points or 0.32% at 16226.90. HCL Technologies, Asian Paints, Tata Consumer Products, TCS and Bajaj Finance were among major losers on the Nifty, while gainers were ONGC, Bharti Airtel, Sun Pharma, Tata Steel and M&M. The broader markets, however, opened in green with the BSE MidCap and SmallCap indices up 0.14%. Meanwhile, rupee hit a psychologically significant level of 80 for the first time against the US dollar after crude oil surged.
“Dips can be utilised as buying opportunities with support placed at 16230 and 16070. Market breadth, derivative data, and technical setup all indicate that we should head towards 16500/16800 shortly. Trailing stop loss advised at 15950 for longs,”
HCL Technologies, Asian Paints, Tata Consumer Products, TCS and Bajaj Finance were among major losers on the Nifty, while gainers were ONGC, Bharti Airtel, Sun Pharma, Tata Steel and M&M.
Benchmark indices are expected to open on a negative note as suggested by early trends on SGX Nifty with a 120-point loss. Some stock specific actions can be seen in HCL Technologies (signed a multi-year deal to drive the modernization of DSM’s core IT business systems and transition to a product-based IT operating model), Tata Steel (planned capex of Rs 12,000 crore during the current financial year, of which Rs 8,500 crore in India and Rs 3,500 crore on the company's operations in Europe), Jindal Stainless (set to supply 3,500 tonnes stainless steel for the Indian Railway's Udhampur-Srinagar-Baramulla Railway Link tunnel project). On the technical front, key support and resistance for Nifty 50 are 16,200 and 16,400 respectively while key support and resistance for Bank Nifty are 35,000 and 35,800 respectively.
“Markets are likely to decline in morning trades owing to weakness in other Asian gauges after overnight US indices ended lower. Our call of the day suggests that bulls may step-in on any corrective decline on positive catalysts like easing fears of Fed's aggressive rate hikes and China's readiness for more stimulus, as the People's Bank of China stepped up daily cash injections and delivered a net 9 billion yuan through 7-day reverse repurchase agreement. Technically, immediate upside targets for Nifty are at 16321 mark and then at 16500 mark.”
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