Mazhar Mohammad of Chartviewindia.in said traders with high-risk appetite are advised to go for fresh buying on an intraday dip, if any in the first two hours, around 11,550 levels with a stop below 11,500.
Getty ImagesVinod Nair of Geojit Financial Services said markets are expected to be in sync with global cues tomorrow and upsides seem to be limited, considering the lack of fresh domestic triggers for the market.
NEW DELHI: As Nifty ended above the 11,600 level on Wednesday, it formed a bullish candle on the daily chart.
Rohit Singre of LKP Securities said the index has witnessed fresh breakouts on intra-timeframes, which suggests the current pullback can extend up to the 11,650-11,700 zone, which is a strong hurdle on the higher side.
"Support for Nifty Bank is near 22,400-22,200 zone and resistance is placed at 22,750-23,000 zone," he said.
Vinod Nair of Geojit Financial Services said markets are expected to be in sync with global cues tomorrow and upsides seem to be limited, considering the lack of fresh domestic triggers for the market.
Mazhar Mohammad of Chartviewindia.in said traders with high-risk appetite are advised to go for fresh buying on an intraday dip, if any in the first two hours, around 11,550 levels with a stop below 11,500.
That said here’s a look at what some of the key indicators are suggesting for Thursday's action: US stocks up on hopes of Fed backing Wall Street's main indexes rose on Wednesday as investors hoped the Federal Reserve would continue to keep interest rates low for a prolonged period, with upbeat quarterly results from FedEx also boosting sentiment. The Dow Jones Industrial Average was up 116.75 points, or 0.42%, at 28,112.35, the S&P 500 was up 13.47 points, or 0.40%, at 3,414.67 and the Nasdaq Composite was up 30.71 points, or 0.27%, at 11,221.04.
Retail gains support European shares A fourth day of gains in retail stocks nudged European equities higher on Wednesday as Zara-owner Inditex posted a quarterly profit, although UK blue-chip stocks came under pressure after a surge in the previous session. The pan-European STOXX 600 index inched 0.3% higher, extending a winning run this week.
Tech View: Nifty is eyeing more gains Nifty50 rose for the second straight session on Wednesday and formed a bullish candle on the daily chart. During the day, the index broke above its 61.8 per cent retracement of the decline from 11,794 to 11,185 level, and also its previous swing high of 11,585 to close just shy of the 11,600 mark. Analysts said the index has the potential to move towards its August high of 11,794 level in the coming sessions.
F&O: VIX needs to cool down further India VIX fell 4.56 per cent from 20.60 to 19.66 levels. It has slipped below 20 zone with its lowest closing in last 13 sessions. It needs to cool down further towards 20-18 zone to help the bulls get a grip for the next leg of rally. Options data suggested a higher trading range in between 11,400 and 11,800 levels.
Stocks showing bullish bias Momentum indicator Moving Average Convergence Divergence (MACD) on Wednesday showed bullish trade setup on the counters of MothersonSumi Systems, Man Industries, Birlasoft, Apollo Tyres, Jindal Saw, LIC Housing Finance, TVS Motor, TV18 Broadcast, Glenmark Pharma, Dr. Reddy's Labs, Shree Digvijay, Jamna Auto Industries, The Ramco Cements, Muthoot Finance, Petronet LNG, Praj Industries, Hindustan Unilever, SMS Pharmaceuticals, Bajaj Auto, DCB Bank, Bombay Dyeing, Sadbhav Engineering, Sadbhav Infrastructure, Crompton Greaves, Britannia Industries, JK Tyre & Industries, Bata India, Avanti Feeds, PI Industries, Sudarshan Chem, JK Paper, Thirumalai Chem, Somany Ceramics, S H Kelkar & Company, Greenply Industries, Indostar Capital, Au Small Finance Bank, Kitex Garments, Force Motors, Skipper, Caplin Point Lab, KRBL, Kalpataru Power, GHCL, GNA Axles and Alkali Metals among others.
Stocks signalling weakness ahead The MACD showed bearish signs on the counters of IIFL Finance, Centrum Capital, Kings Infra Ventures, Moneybox Finance, Ind Renewable Energy, APM Finvest, Bhagwati Auto, Kallam Textiles, VST Tillers, Duke Offshore, Shashijit Infraprojects, Kunststoffe Industries, Bhagyanagar India, Sanmit Infra, Lakshmi Auto, A Infrastructure, Shiva Texyarn, Victoria Mills and Ravalgaon Sugar.
Wednesday’s most active stocks RIL (Rs 3663.79 crore), Bajaj Finance (Rs 1380.74 crore), Dr. Reddy's Labs (Rs 1356.98 crore), Tata Motors (Rs 1295.45 crore), M&M (Rs 1216.20 crore), IndusInd Bank (Rs 1120.56 crore), SBI (Rs 1037.39 crore), HDFC Bank (Rs 1014.45 crore), Infosys (Rs 997.08 crore) and ITC (Rs 916.91 crore) were among the most active stocks on Dalal Street on Wednesday in value terms.
Wednesday’s most active stocks in volume terms Vodafone Idea (shares traded: 15.83 crore), YES Bank (shares traded: 8.62 crore), Tata Motors (shares traded: 8.50 crore), Ashok Leyland (shares traded: 6.83 crore), SBI (shares traded: 5.24 crore), ITC (shares traded: 5.06 crore), IDFC First Bank (shares traded: 3.48 crore), NMDC (shares traded: 3.03 crore), Federal Bank (shares traded: 2.92 crore) and PNB (shares traded: 2.61 crore) were among the most traded stocks in the session.
Stocks seeing buying interest Birlasoft, Linde India, J B Chem, Zydus Wellness and Radico Khaitan witnessed strong buying interest from market participants as they scaled their fresh 52-week highs on Wednesday signalling bullish sentiment.
Stocks seeing selling pressure 21st Century Management Services, Blue Chip India, Madhav Copper and SKIL Infrastructure witnessed strong selling pressure in Wednesday’s session and hit their 52-week lows, signalling bearish sentiment on these counters.
Sentiment meter favours bulls Overall, market breadth remained in favour of bulls. As many as 258 stocks on the BSE 500 index settled the day in green, while 237 settled the day in red.
Podcast: Are retail investors shifting to midcaps? >>> Buying in select stocks such as the HDFC duo, Infosys and M&M helped domestic benchmark indices log gains for the second straight session on Wednesday. Market breadth, however, remained mixed, with one stock falling on BSE for every stock that rose. BSE Sensex settled the session 259 points higher at 39,303 while Nifty rose 78 points to 11,599. Midcaps and smallcaps extended gains into the fifth session, but largely underperformed their larger peers. We caught up with G Chokkalingam, founder and CIO at Equinomics Research, to try and understand investor behavior these days.
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