19 Aug , 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 flat with some positive bias on Friday. BSE Sensex gained 53 points or 0.1 per cent at 60,351, while NSE Nifty held above 17950. Stocks of Tech Mahindra, UltraTech Cements, Kotak Mahindra Bank, Wipro, Tata Consultancy Services (TCS), Infosys, Titan Company, Asian Paints were among BSE Sensex gainers. On the flip side, IndusInd Bank, Power Grid Corporation of India, State Bank of India, Reliance Industries, NTPC, ITC, HDFC Bank, and Nestle India were top Sensex laggards. Nifty Bank index fell 0.2 per cent to 39,572.55 levels. The government on late Thursday evening decided to hike the windfall profit tax on the export of diesel and brought back a tax on jet fuel exports, but slashed the levy on domestically produced crude oil in line with softening rates.
High-frequency indicators for the month of July suggest that India’s economic activity is losing steam, with most showing a decline on-month basis, Bank of America (BofA) said. “High-frequency indicators faltered in July vs June. For most activity indicators sequential performance was below median,” the report said. Economists at BofA have also highlighted that the covid-19 cases in the country have been hovering at 15,000 levels while daily deaths are below 50. On-year growth continued to do well in July, but sequential growth for most indicators fell short of the median month-on-month typical of July.
With no reversal signs on the horizon, Nifty could rise towards 18115 over the next few sessions. On the other hand, a breach of 17833 could mean faster downsides.
The undertone is expected to remain upbeat till it sustains above the 17500 odd zone, but some tentativeness could be sensed as the index approached near the psychological mark of 18000. On the technical front, 18000-18150 is seen as the immediate hurdle for the bulls, while 17830-17765 is the immediate support. Looking at the technical setup, the market is likely to trade within the mentioned range until a decisive breakout is not seen on either side in the near period.
Favoured view continues to expect Nifty heading into the 18100-18200 region before any major attempt to reverse. Towards this end, we had pinned hopes on 17835/45 region holding intraday volatility, and with Nifty reversing from 17852 after a couple of downside attempts, the day is likely to open with a positive bias. However, we would prefer to push the downside marker higher to the 17900 vicinity, once Nifty pushes towards18070.
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