NEW DELHI: Nifty reversed its two-session bearish trend with a broader rally and formed a big bullish candle on the daily chart on Tuesday.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said, “If we manage to get past this level, we should be headed to 14,800-14,900. The index has made a strong base at the 14,200 levels, which acted as good support. Going ahead, earnings and global cues would remain on the participants’ radar. Besides, we’re also seeing noticeable buzz across the sectors in run up to Budget. We feel it would be prudent for the markets to spend some time around the current levels. Meanwhile, there’ll be no shortage of trading and investment opportunities, thanks to prevailing earnings season and upcoming budget. Amid all, we suggest not to go overboard and stick to the quality names and accumulate them on dips, said Ajit Mishra, VP - Research, Religare Broking.
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NEW DELHI: Around 7 stocks fell to touch their 52-week lows on NSE in Monday s session. Among the stocks that touched their 52-week lows on NSE were: Acrysil Ltd, Antony Waste Handling Cell, Fairchem Organics, Godha Cabcon & Insulation, Jump Networks, Kanpur Plastipack and Vishal Fabrics. Domestic benchmark index NSE Nifty was trading 96.70 points down at 14337.0, while the BSE Sensex was trading 240.85 points down at 48793.82. On the other hand, Indian Energy Exchange, Happiest Minds, HDFC Bank, Suzlon Energy and Kajaria Ceramic stocks hit their fresh 52-week high today.
In the Nifty 50 index,
UPL , HDFC Bank, Titan Company , RIL and Eicher Motors were among the top gainers on the NSE. However, Tata Motors, Tata Steel, Hindalco Inds., ONGC and JSW Steel were among the top losers.
Wall Street closed for Martin Luther King day
Wall Street was closed on Monday on account of Martin Luther King day. The Dow Jones Industrial Average closed 177.26 points, or 0.57% lower, at 30,814.26, the S&P 500 lost 27.29 points, or 0.72%, to 3,768.25 and the Nasdaq Composite dropped 114.14 points, or 0.87%, to 12,998.50.
European shares slip on economic recovery worries
European stocks inched lower on Monday as French retailer Carrefour tumbled after ending 16.2 billion euro ($19.57 billion) merger talks with Alimentation Couche-Tard, with worries about a slow economic recovery keeping investors on edge. The pan-European STOXX 600 index was up 0.16% after snapping a four-week winning run on Friday, with losses in oil and utilities offset by gains in technology stocks.
Ahead of Market: 12 things that will decide stock action on Monday
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A few analysts said Friday s fall could just be a single-day affair, but for that to be true Nifty needs to close above the 14,500 level on Monday.
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India VIX needs to cool down below 20 level to again get the bullish stance.
NEW DELHI: Headline equity index Nifty saw a bout of profit booking and formed a bearish candle on the daily chart on Friday. On the weekly scale, the index closed a little lower than the week s opening to form a Gravestone Doji candle, signalling indecisiveness on Dalal Street.
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NEW DELHI: Around 6 stocks fell to touch their 52-week lows on NSE in Thursday s session. Among the stocks that touched their 52-week lows on NSE were: Acrysil Ltd; Mrs. Bectors Food Specialities; Fairchem Organics; Jump Networks; Kanpur Plastipack; Vishal Fabrics. Domestic benchmark index NSE Nifty was trading 2.10 points up at 14566.95, while the BSE Sensex was trading 2.19 points up at 49494.51. On the other hand, L&T Tech, BEL, Lakshmi Machine, Tata Elxsi and GAIL stocks hit their fresh 52-week high today.
In the Nifty 50 index, UPL , IndusInd Bank, GAIL, Larsen & Toubro and Britannia Industries were among the top gainers on the NSE. However, HCL Tech, Wipro, Infosys, Tech Mahindra and JSW Steel were among the top losers.