Sensex Today: Benchmark equity indices exhibited volatility in trades on Friday, as investors rushed to buy the dips.
After erasing opening losses of 600 points, the BSE Sensex rebounded and was seen quoting with a gain of 300 points at 70,800 levels. The Nifty50 was seen holding the 21,200 level.
Reliance and HDFC Bank were the major movers, while power shares also logged smart gains. On the flip side, select banking shares remained under selling pressure.
Broader indices were seen outperforming the benchmarks, with gains in excess of 1 per cent each.
Prashanth Tapse, Senior VP (Research), Mehta Equities, said: “In yesterday’s trading, Nifty’s upward momentum stalled due to a lack of sustained buying, substantial profit booking, and excessively overbought technical conditions. Pessimism was fueled by concerns over rising Covid-19 cases, particularly the JN.1 sub-variant in India. Today’s outlook suggests a negative bias, with Nifty’s crucial support at 21000. Technical analysis indicates a capped upside around 21400-21411, and caution is advised below the all-time high at 21593. Options data suggests a likely trading range of 21000-22000. WTI crude hit a two-week high, driven by geopolitical tensions in the Red Sea. Perma-bulls remain optimistic, anticipating US PCE inflation updates on Friday. Recommended trades: Buy Nifty (21150) in the range of 20900-20950, with targets at 21401/21593, and Buy Bank Nifty (47445) in the range of 46500-46750, targeting 47901/48219, with aggressive targets at 49101-49500, setting stops accordingly.”
Global Cues
Meanwhile, overnight the US markets ended with steep losses as rally driven by Fed’s dovish turn came to a halt. Dow Jones slipped 1.3 per cent, while the S&P 500 and Nasdaq shed 1.5 per cent each.
Closer home in Asia, Japan’s Nikkei had dropped 1.5 per cent. Shanghai and Hang Seng declined 1 per cent, while Kospi and Taiwan were down over 0.5 per cent each.
IPOs This Week
Subscription for Shanti Spintex, RBZ Jewellers, Credo Brands Marketing and Happy Forgings IPOs to close today. Innova Captab IPO opens today, while Azad Engineering IPO closes on Friday.
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