11 Apr , 2022 By : monika singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets started Monday’s trading session with losses amid weak global cues. S&P BSE Sensex was down more than 300 points or 0.5% within minutes of opening, holding above 59,100. Nifty 50 was down 0.45%, just above 17,700. India VIX, the volatility gauge, however, was up 6%, regaining 18 levels. NTPC was the top stock gainer, up 1.22% on Sensex, followed by Power Grid. Infosys was the top laggard, down 1.63%, HCL Tech, HUL followed.
An important factor supporting the market is the sustained flow into domestic equity mutual funds which has touched a record high of Rs 28464 cr in March. The net inflow of Rs 164399 cr into domestic equity mutual funds in FY 22 along with strong retail buying has negated the massive FPI selling in FY 22. This new trend of domestic money outsmarting foreign capital is likely to be a major determinant of market trends, going forward. Q4 results, particularly of leading financials, and guidance from IT majors will influence the market in the coming days
The chart pattern suggests that if Nifty crosses and sustains above 17900 level it would witness buying which would lead the index towards 18100-18400 levels. However if the index breaks below 17600 level it would witness selling which would take the index towards 17400-17200. For the week, we expect Nifty to trade in the range of 18400-17400 with a positive bias.
The current rally is supported by significant improvement in market breadth along with multi sector participation which makes us confident to believe index will resolve higher and challenge recent high of 18100 and eventually head towards January high of 18350 in coming weeks. Thus, temporary breather from hereon should be capitalised as incremental buying opportunities as we do not expect strong support of 17400 to be breached.
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