Share Market : Sensex Sits Above 59,700, Nifty Reclaims 17,800; Tata Steel, Bharti Airtel Stocks Gain
Share Market News Today | Sensex, Nifty, shares prices: Domestic equity markets started trading in green on Monday morning to offset some of last week's losses. The S&P BSE Sensex was above 59,600 and the Nifty 50 was above 17,800. The broad market was volatile and India VIX was green. The Bank Nifty was up 0.62 per cent at 39,300 points. Tata Steel and Bharti Airtel rose the most in the Sensex by more than 2%. Bajaj Finserv, Mahindra and Mahindra and Nestle were in the lead, with more than 1% each.
With 3 new public issues open for membership, the IPO market is set to take a strong action this week. With the new IPO, the issue of Nykaa will close today, with investors who had subscribed to the IPO on the first day of the sale showing interest. The three new IPOs, PolicyBazaar, SJS Enterprises and Sigachi Industries, are open for subscription today and will close on Wednesday.
Top stocks of Ashok Leyland, SBI, Tata Steel. Support Nifty at 17500, Bank Nifty will trade in 38400-40500 range.
We expect buying demand to rise around the major support threshold of 17500 in the coming cut week and make the market healthy after 20% growth in the last three months. As seen in the previous bull market, such central areas of breathing make the big suture up trend healthy. Thus, the current corrective phase should not be construed negatively, instead dips should be capitalized on to build a quality portfolio for the medium term.
Bank Nifty will go above 39500 to 40500; Money bets on SBI, ACC, Nifty resistance at 17800-18000 this week.
Nifty ATM Call Option IV is currently at 19.03 while Nifty ATM Put Option IV is at 13.08. The index option PCR is at 0.90 v / s 0.90 and the F&O total PCR is at 0.81. The Nifty Put Options OI distribution shows that 17000 has the highest OI concentration followed by 17500 and 17800 which can serve as support for the current expiration. The Nifty call strike 18000 and then 17800 saw significant OI concentration and could serve as resistance to the current expiration.
Take Nifty Technical
"The pull back is in order, initially the target was 17833 but the Nifty does not appear to be primed for vertical growth. Starting in the fortnight, meanwhile, the direct fall below 17600 today may not collapse, but in return, there may be a consolidation in the 17500-350 band in the next few days, which may improve the chances of a permanent uptrend. "
Bullion prices are expected to decline sideways this week, with gold prices volatile amid mixed global signals.
Commodity prices weakened as most of the non-agricultural items were sold during the last trading session of the week. On strong dollar, bullion prices boosted weekly gains while crude oil prices ended flat on mixed global signals. Trade in base metals declined due to power shortages in China and rising CPVD cases in China.