Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic indices opened in green on Wednesday despite muted global cues. The NSE Nifty 50 advanced 29.8 points or 0.15% to 19,469.20 and BSE rose 93.11 points or 0.14% to 65,710.95. In sectoral indices, Bank Nifty gained 37.55 points or 0.08% to 44,782.60, Nifty FMCG rose 0.29%, Nifty Metal jumped 0.39% while Nifty Auto fell 0.39%. The top gainers on Nifty 50 were ONGC, Titan, JSW Steel, Kotak Bank and UPL while the losers were IndusInd Bank, Mahindra & Mahindra, Hero Motocorp, Maruti Suzuki and Divis Lab.

Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates

The NSE Nifty 50 gained 29.8 points or 0.15% to 19,469.20 and BSE Surged 93.11 points or 0.14% to 65,710.95.

‘Bank Nifty is seen to be making a bearish candlestick on the daily timeframe after rejecting from its resistance zones of 45000, 45100. The trends for the coming week can be considered sideways to bullish where dips can be used as a buying opportunity, till the time Bank Nifty sustains above 44400. The resistance is at around 44900-45000 and the support is at around 44700-44600. Technical indicator RSI is at around 57 whereas the 200 EMA is at 41801,’ said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.

Bank Nifty continued to correct and traded in a downward-sloping channel. It is trading around the 38.2% Fibonacci retracement level (44840). However, until we get a daily positive close the correction is likely to continue. On the downside, the crucial support level is placed at 44587-44335,’ said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.

Bank Nifty support is found at 44500-44200, with the 44500 level coinciding with the 20-day exponential moving average (ema). On the upside, resistance is expected around 45300-45500,’ said Ameya Ranadive CMT CFTe, Equity Research Analyst at Choice Broking.

On intraday charts, the Nifty has formed a double top formation which is indicating temporary weakness. For intraday traders, 19500 would be the crucial breakout level, above which the market could move up to 19600-19625. However, below 19380, the selling pressure is likely to accelerate and the index could retest the level of 19300-19250,’ said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.

Nifty overall trend remained bullish as it sustained above the near-term moving average. The RSI indicated a bearish crossover, suggesting a potential decline in the market. There is a support level at 19400/19300, which might prevent further downside movement. On the upside, there is a resistance level at 19550, which could potentially limit upward movement in the market,’ said Rupak De, Senior Technical analyst at LKP Securities.

It is crucial for Nifty to maintain the significant support level of 19400, considering the observable weakness in Bank Nifty. Additionally, Nifty faces resistance in the range of 19480-19550. On the options front, Nifty has support at 19400 and resistance at 19500,’ said Ameya Ranadive CMT CFTe, Equity Research Analyst at Choice Broking.

Nifty sustainable buying above the 19500-19520 zone could only open up the next leg of the rally in Nifty towards 19600-19650 on an immediate basis. Simultaneously on the downside, any dip towards the support zone of 19300 is likely to attract buyers, while the sacrosanct support lies at the bullish gap of 19200-19235 in a comparable period,’ said Osho Krishan, Sr. Analyst, Technical & Derivative Research, Angel One Ltd.

On the daily charts, we can observe that the Nifty is facing resistance in the zone 19500 – 19550, around the previous swing high. The hourly momentum indicator has triggered a positive crossover however prices are not able to surpass the resistance zone and hence we can expect some more consolidation. Overall, the trend is positive, and Nifty is undergoing time-wise correction,’ said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.

The US market ended the overnight session in green – Dow Jones Industrial Average (DJIA) rose 0.93%, S&P 500 gained 0.67% and the tech-heavy Nasdaq advanced 0.55%.

Asian markets were trading mixed – China’s Shanghai Composite Index dipped 0.14%, South Korea’s KOSPI rose 0.01%, Hong Kong’s Hang Seng jumped 0.86%, Japan’s Nikkei 225 tanked 0.82%, and Asia Dow gained 0.51%.

The GIFT Nifty futures were trading 3.5 points or 0.02% lower at 19,533.50.

The market now awaits the Q1 results, IT sector which kicks off tomorrow, where expectations are muted with a focus on the sustenance of margin and improvement in long-term guidance. The positivity also stems from China’s anticipated stimulus to withstand economic growth and hope on the moderation in US inflation data. The overall valuation for India is marginally above the long-term average, which is fair given strong earnings expectations on FY24,’ said Vinod Nair, Head of Research at Geojit Financial Services.

The GIFT Nifty recorded a 0.09% loss during Wednesday’s early trading session, with a value of 19,520 indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex.

By Ajay Thakur

Ajay Thakur, a visionary journalist and the driving force behind a groundbreaking news website that is redefining the way we consume and engage with news.