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Stock Market Highlights: Nifty forms high-wave type candle. What traders should do on Friday
18 Jan, 2024 | 08:40:40 PM IST
Nifty on Thursday ended 110 points lower to form a high wave type candle pattern on the daily chart and slipped below the rising trendline on the daily chart, suggesting a bearish trend reversal.
Having declined sharply, there is a possibility of a pullback rally in the short term, which is expected to be a 'sell on rise' opportunity. Important resistance to be watched at 21,700-21,800 levels. The important lower supports are placed at 21200-21000 levels, said Nagaraj Shetti of HDFC Securities.
Show moreHaving declined sharply, there is a possibility of a pullback rally in the short term, which is expected to be a 'sell on rise' opportunity. Important resistance to be watched at 21,700-21,800 levels. The important lower supports are placed at 21200-21000 levels, said Nagaraj Shetti of HDFC Securities.
1 New Update
Spot bitcoin ETFs draw nearly $2 billion in first three days of trading
A new batch of U.S. bitcoin exchange-traded funds (ETFs) has attracted strong investor interest, though it is unclear if they will be able to maintain the pace of inflows in coming weeks. Investors have poured $1.9 billion into nine new exchange-traded funds tracking the spot price of bitcoin in their first three days of trading, data from issuers and analysts showed, with fund giants BlackRock and Fidelity pulling in the lion’s share of the flows.
S&P 500, Nasdaq open higher on chips, megacaps boost
The benchmark S&P 500 and the Nasdaq opened higher on Thursday, boosted by gains in chips and megacap stocks, while investors watched out for clues on the timing of the Fed's rate cuts and the economic outlook, as more earnings roll in.
The S&P 500 opened higher by 20.89 points, or 0.44%, at 4,760.10, while the Nasdaq Composite gained 138.90 points, or 0.93%, to 14,994.52 at the opening bell.
The Dow Jones Industrial Average fell 109.14 points, or 0.29%, at the open to 37,157.81.
The S&P 500 opened higher by 20.89 points, or 0.44%, at 4,760.10, while the Nasdaq Composite gained 138.90 points, or 0.93%, to 14,994.52 at the opening bell.
The Dow Jones Industrial Average fell 109.14 points, or 0.29%, at the open to 37,157.81.
Sebi issues demand notices to DHFL's former promoters in disclosure rule violation case
Capital markets regulator Sebi on Thursday sent demand notices to Dheeraj Wadhawan and Kapil Wadhawan, the former promoters of Dewan Housing Finance Corp Ltd, asking them to pay Rs 10.6 lakh each in a case concerning flouting of disclosure norms. Also, the regulator has warned them of arrest and attachment of assets as well as bank accounts if they fail to make the payment within 15 days, according to two separate notices.
Gold climbs as weaker dollar, safe-haven demand lend support
Gold prices rose on Thursday, helped by a softer U.S. dollar and the Middle East conflict lifting safe-haven appeal, while investors await further comments from a Federal Reserve official to gauge the central bank's interest rate trajectory. Spot gold rose 0.5% to $2,015.79 per ounce by 1255 GMT, but was lingering near its five-week low hit in the previous session.
Higher US yields, hawkish cenbank comments push India bond yields up
Indian government bond yields ended higher on Thursday tracking a consistent rise in U.S. Treasury yields, while comments from Reserve Bank of India (RBI) Governor Shaktikanta Das on inflation also weighed on sentiment.
India's benchmark 10-year yield ended at 7.1774%, following its previous close at 7.1642%.
India's benchmark 10-year yield ended at 7.1774%, following its previous close at 7.1642%.
Dollar holds near 5-week peak as Fed rate cut bets tempered
The dollar hovered near a five-week peak against major peers on Thursday after robust US retail sales data added to expectations the Federal Reserve will not rush to lower interest rates. The US dollar index, which measures the currency against a basket of six rivals, was steady at 103.34 in Europe, after reaching 103.69 on Wednesday for the first time since Dec. 13.
FPIs sell close to Rs 10,000 crore for second straight day
Foreign portfolio investors were net sellers at Rs 9,901 crore on Thursday. DIIs bought shares worth Rs 5,977 crore.
Tech View: Nifty forms high wave type candle. What traders should do on Friday
Nifty today ended 110 points lower today to form a high wave type candle pattern on the daily chart and slipped below the rising trendline on the daily chart, suggesting a bearish trend reversal.
Having declined sharply, there is a possibility of a pullback rally in the short term, which is expected to be a sell on rise opportunity. Important resistance to be watched at 21700-21800 levels. The important lower supports are placed at 21200-21000 levels, said Nagaraj Shetti of HDFC Securities.
Having declined sharply, there is a possibility of a pullback rally in the short term, which is expected to be a sell on rise opportunity. Important resistance to be watched at 21700-21800 levels. The important lower supports are placed at 21200-21000 levels, said Nagaraj Shetti of HDFC Securities.
Nifty Bank falls for 3rd day, closes below 46,000; next support seen at 45,500
The Nifty Bank closed in the red for the third straight day to close below 46,000 on Thursday, tracking muted global cues. It closed 350 points lower at 45,713. The Nifty50 fell over 100 points to close at 21,462. Top losers in the Nifty Bank index include HDFC Bank, AU Small Finance Bank, IndusInd Bank and Bandhan Bank.
The Nifty slipped below the rising trendline on the daily chart, suggesting a bearish trend reversal. Besides, the index has fallen below the critical near-term moving average. Now, the trend is likely to remain weak as long as the index stays below 21,550. A decisive move above 21,550 might weaken the bears; until then, bears might control the market. On the lower end, support is placed at 21,400. A drift below 21,400 might take Nifty for a revisit to 21,250-21,200.
- Rupak De, Senior Technical Analyst, LKP Securities
The benchmark indices exhibited recovery from the day’s low and ended in red amid weak global cues, as investors are trimming bets on rapid FED cuts due to strong US retail sales and the resulting rise in global bond yields. Furthermore, oil price advances and rate escalation risks have led to disruptions in global shipping and crude production. The broader market continued its selling pressure given the elevated valuation and profit booking with an aim for sector rotation.
- Vinod Nair, Head of Research, Geojit Financial Services
IndusInd Bank Q3 Results: PAT at Rs 2301.5 crore Vs ETNOW poll of Rs 2,272 crore
Rupee traded flat, fluctuating between 83.07 and 83.17, amid a stable dollar index around 103$. The range-bound session persisted after the last two days of weakness in the rupee from the 82.80 zones, where it faced resistance. The recent appreciation of the dollar kept pressure on the rupee, which continues to encounter resistance in the 82.80-82.90 zones. Broadly, the prices remain within the range of 82.80-83.30.
- Jateen Trivedi, VP Research Analyst, LKP Securities
Rupee rises 2 paise to 83.12 (provisional) against US dollar.
Top gainers & losers in closing trade
Price as on 03:41:17 PM 03:41 PM, Click on company names for their live prices.
Closing Bell: Sensex falls for 3rd day, ends 314 pts lower; Nifty below 21,500; Sobha soars 10%, IEX tanks 7%
Stock Market LIVE Updates: Just In | Haldiram's eyes majority stake in smaller rival Pratap Snacks
Polycab India Q3 Results: Consolidated PAT rises 15% YoY to Rs 413 crore; revenue up 17%
Polycab India on Thursday reported a double-digit growth in both profit and revenue for the quarter ended December. The consolidated net profit rose 15.4% year-on-year (YoY) to Rs 413 crore.
Consolidated revenue from operations grew nearly 17% YoY to Rs 4,340 crore.
Consolidated revenue from operations grew nearly 17% YoY to Rs 4,340 crore.
Stock Market View | Amar Ambani, Executive Director, YES Securities on Budget expectations
Budgets prior to general elections are usually a lukewarm affair.
But we can expect the government to continue with its agenda of boosting capex as a percentage of total expenditure. We also foresee non-government enterprises incrementally cajoled through incentives to help lift the private capex cycle.
Talking of fiscal prudence, the government is likely to be aggressive on its fiscal deficit target, especially in the wake of buoyant tax collections. We can expect a commitment to achieve a 4.6% fiscal deficit in FY26. Given the inclusion of Indian bonds in global indices, this seems imperative.
Income support to farmers in the last instance was introduced just prior to the general election. This time around, given the flurry of subsidies in various forms since Covid, including distributing food grains, and coupled with the strong mandate in recent state elections, we don't foresee the government announcing any material sops on the socio-developmental front.
But we can expect the government to continue with its agenda of boosting capex as a percentage of total expenditure. We also foresee non-government enterprises incrementally cajoled through incentives to help lift the private capex cycle.
Talking of fiscal prudence, the government is likely to be aggressive on its fiscal deficit target, especially in the wake of buoyant tax collections. We can expect a commitment to achieve a 4.6% fiscal deficit in FY26. Given the inclusion of Indian bonds in global indices, this seems imperative.
Income support to farmers in the last instance was introduced just prior to the general election. This time around, given the flurry of subsidies in various forms since Covid, including distributing food grains, and coupled with the strong mandate in recent state elections, we don't foresee the government announcing any material sops on the socio-developmental front.
Tata Communications Q3 Results
Cons PAT at Rs 44.8 crore vs Rs 221 crore QoQ; revenue at Rs 5,633 crore
Stock Market LIVE Updates: Emkay Global pegs Nifty December target at 24,000
Our 2024 year-end Nifty target of 24,000 imputes an 11% return for the benchmark, while we expect SMIDs to outperform. Our model portfolio focuses on large-/mid-caps and we are UW on Financials and OW on Consumer Discretionary. Key themes for 2024 are rate cuts, the budget and reform, and probable revival in mass segment spending. Earnings growth should continue in the mid-teens with rising ROEs. SMID earnings growth should exceed the Nifty and drive further outperformance.
Oil up on OPEC demand estimate, Mideast tensions and US output
Oil prices rose on Thursday as OPEC forecast relatively strong growth in global oil demand over the next two years, while the market also eyed disrupted U.S. oil production amid a cold blast and tensions in the Middle East.
Brent crude futures gained 49 cents, or 0.6%, to $78.37 a barrel by 0740 GMT, while U.S. West Texas Intermediate crude futures rose 70 cents, or 1.0%, to $73.26.
Brent crude futures gained 49 cents, or 0.6%, to $78.37 a barrel by 0740 GMT, while U.S. West Texas Intermediate crude futures rose 70 cents, or 1.0%, to $73.26.
Sensex Today | Stock Market LIVE Updates: Intellect launches AI-led innovation centre in GIFT City.
Price as on 01:28:40 PM 01:28 PM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: DRC Systems India approved issue of bonus shares in ratio of 2:1
Price as on 01:21:32 PM 01:21 PM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: Ashok Leyland bags order worth of Rs. 522 crores for 1225 Buses from Karnataka State Transport Undertakings
Price as on 01:11:12 PM 01:11 PM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: Block deal in Max Healthcare > 43.9 lakh shares traded
Price as on 01:09:53 PM 01:09 PM, Click on company names for their live prices.
Japan's Nikkei ends flattish on caution over market overheating
Japan's Nikkei share average gave up early gains to end almost flat on Thursday, as investors turned cautious about the recent sharp gains of the index.
The Nikkei inched down 0.03% to close at 35,466.17, after rising as much as 0.7% earlier in the session.
The broader Topix edged 0.17% lower at 2,492.09.
The Nikkei inched down 0.03% to close at 35,466.17, after rising as much as 0.7% earlier in the session.
The broader Topix edged 0.17% lower at 2,492.09.
Sensex Today | Stock Market LIVE Updates: Canara Bank hires global IT infrastructure provider Kyndryl to upgrade and manage IT operations
Price as on 12:34:57 PM 12:34 PM, Click on company names for their live prices.
Dhampur Bio Organics Q3 Results
- Consol loss at Rs 5.64 crore versus profit at Rs 14.94 crore year ago
- Cons revenue from operations at Rs 425 crore versus Rs 696 crore year ago
Sensex Today | Stock Market LIVE Updates: Sobha surges 11%, top performing realty stock
Price as on 12:06:34 PM 12:06 PM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: Raminfo board approves preferential issuance to raise up to Rs.62 crores
Price as on 12:04:42 PM 12:04 PM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: SBI sets 8.34% coupon for perpetual bonds: Bankers
State Bank of India has set a coupon of 8.34% for its planned issuance of Basel III-compliant additional tier-I bonds, three bankers said on Thursday.
The country's largest lender has accepted bids worth 50 billion rupees ($601.31 million) after inviting bids for the perpetual bond issue earlier in the day. The bonds have a call option at the end of the tenth year.
The lender had raised 31.01 billion rupees through perpetual bonds in July at a coupon of 8.10%.
The country's largest lender has accepted bids worth 50 billion rupees ($601.31 million) after inviting bids for the perpetual bond issue earlier in the day. The bonds have a call option at the end of the tenth year.
The lender had raised 31.01 billion rupees through perpetual bonds in July at a coupon of 8.10%.
Sensex Today | Stock Market LIVE Updates: Shares of Oracle Financial Services Software rallied 20% to hit a new 52-week high at Rs 6,098 in Thursday's trade on BSE after the firm reported a 69.4% year-on-year (YoY) jump in net profit at Rs 740.8 crore for the third quarter that ended December 31, 2023.
Price as on 11:27:54 AM 11:27 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: Bajaj Finance to issue 5-year bonds - bankers
Price as on 11:13:49 AM 11:13 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: Shakti Pumps (India) to raise funds for an aggregate amount of up to and not exceeding Rs 200 crore
Price as on 11:03:48 AM 11:03 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: Goodluck India raised close to Rs. 200 crores in QIP round
Goodluck India announced successful closure of its Qualified Institutional Placement (QIP) round. The company’s Board approved the issue and allotment of 21,27,659 equity shares to Qualified Institutional Buyers (QIBs) at an issue price of Rs. 940 per share at a premium of Rs 938 per share. The company proposes to utilise the proceeds from the issue to fund its working capital requirements and for general corporate purposes. It plans to utilise Rs 150 crore of the net proceeds towards its further estimated working capital requirements.
Stock Market LIVE Updates | Taiwan's Foxconn will partner with tech firm HCL Group for a semiconductor assembly and testing facility in India, the companies said on Thursday.
Price as on 10:27:47 AM 10:27 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: Australian Premium Solar shares debut with 159% premium over issue price
After a bumper IPO response from investors, shares of Australian Premium Solar debuted with a premium of 159.3% on the NSE SME platform. The stock listed at Rs 140 as against an issue price of Rs 54. Ahead of the listing, the company's shares traded with a premium of Rs 51 in the unlisted market.
Stock Market LIVE Updates | Brokerage Take: Bernstein on HDFC Bank: Outperform | Target Rs 2,200
Bernstein maintained an outperform rating on HDFC Bank with a target price of Rs 2,200 but highlighted the top 3 concerns behind the $13 billion rout.
HDFC Bank shares slumped more than 8% on Wednesday - its biggest single-day drop since March 2020 - as concerns over the bank's future profitability triggered a sharp sell-off.
The biggest concern is on the drivers for the net interest margin (NIM) surprise and the lack of a clear pathway to normalization.
A continued weak deposit growth could limit loan growth and/or eat into margins.
Improvement in operating metrics of the bank now appears to be more dependent on the operating environment rather than an automatic even if a gradual improvement story.
HDFC Bank shares slumped more than 8% on Wednesday - its biggest single-day drop since March 2020 - as concerns over the bank's future profitability triggered a sharp sell-off.
The biggest concern is on the drivers for the net interest margin (NIM) surprise and the lack of a clear pathway to normalization.
A continued weak deposit growth could limit loan growth and/or eat into margins.
Improvement in operating metrics of the bank now appears to be more dependent on the operating environment rather than an automatic even if a gradual improvement story.
Sensex Today | Stock Market Crash LIVE Updates | LTI Mindtree extends fall; check top losers from IT services pack
Price as on 10:09:34 AM 10:09 AM, Click on company names for their live prices.
Sensex LIVE Updates: SENSEX TUMBLES 750 POINTS!
Gold near 5-week low as rate-cut optimism tapers
Gold prices hovered near five-week lows on Thursday, as hawkish remarks from Federal Reserve officials and robust data dampened investors' expectation for deeper and early interest rate cuts in U.S. this year.
Spot gold edged 0.1% higher to $2,008.59 per ounce by 0347 GMT, a day after it fell to $2,001.72 - its lowest since Dec. 13.
U.S. gold futures rose 0.2% to $2,010.70.
Spot gold edged 0.1% higher to $2,008.59 per ounce by 0347 GMT, a day after it fell to $2,001.72 - its lowest since Dec. 13.
U.S. gold futures rose 0.2% to $2,010.70.
Sensex Today | Stock Market LIVE Updates: NHPC shares dropped 6% as the Indian government announced a 3.5% stake sale in the firm. The floor price has been set at Rs 66 per share, a discount of 10% on closing price on Wednesday.
Price as on 09:45:32 AM 09:45 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: HDFC Bank declined as much as 3.7% in early trade, extending its post-earnings decline to the second session. Meanwhile, the stock has plunged nearly 12% in the last two sessions.
Price as on 09:35:44 AM 09:35 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: Shares of India's ICICI Prudential Life Insurance fell 10% on Thursday as weak demand led to a sharp fall in its new business margins. The life insurer, which reported third-quarter results the previous day, said its expected profit margin from new policies declined to 26.7% for the nine months to Dec. 31 from 32% a year earlier.
Price as on 09:31:24 AM 09:31 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: Aarti Industries secures a 4-year supply contract worth over Rs 6,000 crore; stock surges 7%
Price as on 09:27:25 AM 09:27 AM, Click on company names for their live prices.
Rupee falls 2 paise to 83.16 against US dollar in early trade.
Stock Market View: Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
At elevated valuations the market needs only a trigger for a sell-off and yesterday this trigger came in the form of HDFC Bank’s worse-than-expected results. It is also important to understand that there was a sell-off in other emerging markets like Taiwan and Korea indicating that this is an emerging market correction driven by FPI outflows. The FPI sell figures in India yesterday was huge at Rs 10578 crores. In the context of rising bond yields in the US, FPIs may sell again. But this is likely to be countered by DII buying in fairly valued large caps with growth potential.
Investors may wait and watch for this turbulence to subside. The resilience in IT stocks in this crash is an indication of the strength of the sector. Apart from IT, large caps like RIL, ICICI Bank, L&T and Bharti have strength to tide over this turbulence.
Further dips in HDFC Bank will provide buying opportunities for long-term investors.
Investors may wait and watch for this turbulence to subside. The resilience in IT stocks in this crash is an indication of the strength of the sector. Apart from IT, large caps like RIL, ICICI Bank, L&T and Bharti have strength to tide over this turbulence.
Further dips in HDFC Bank will provide buying opportunities for long-term investors.
Sensex Today | Stock Market LIVE Updates: Sun Pharmaceutical Industries Limited said on Wednesday it would buy all the shares of Taro Pharmaceutical Industries it does not already own for $43 per share in cash, effectively taking full control of its unit. Sun Pharma's offer amounts to about $347.8 million, as per Reuters calculations, with the per share value at a 4.2% premium to Taro's close on Wednesday.
Price as on 09:21:22 AM 09:21 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates | Earnings Impact | Shares of India's LTIMindtree fell 9% in early trade on Thursday, a day after the IT services company reported a smaller-than-expected third-quarter profit. Consolidated net profit rose 16.8% to 11.69 billion rupees ($140.6 million), missing analysts' estimates of 11.76 billion rupees, as per LSEG data.
Price as on 09:20:49 AM 09:20 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: Most active stocks on NSE today
Price as on 09:20:22 AM 09:20 AM, Click on company names for their live prices.
Opening Bell: Sensex slides 500 points, Nifty below 21,450; LTIMintree tanks 9%, ICICI Pru 7%
Sensex Today | Stock Market LIVE Updates: Pre-open session: Sensex slips over 400 points; Nifty below 21,400
Sensex Today | Stock Market LIVE Updates | Stock in news: Aarti Industries
Aarti Industries secures 4-year supply contract worth over Rs 6000 crore with multinational conglomerate
Sensex Today | Stock Market View: Prashanth Tapse, Senior VP (Research), Mehta Equities
Wall Street declined overnight as positive US economic data dampened hopes for March rate cuts. Despite robust retail sales, Nifty experienced its sharpest single-day fall in 18 months, sparking concerns about heightened risk. Technical analysis suggests NIFTY's support at 21407 and hurdles at 21807, while options data indicate a potential 21100-22000 trading range. Six negative catalysts, including banking stock caution and global uncertainties, weigh on market sentiment. Notably, Nifty IT index resisted the sell-off, driven by strong Q3 results. Amid Q3 corporate results anticipation, a preferred trade advises buying Nifty and Bank Nifty within specified zones. Bullish prospects are highlighted for APOLLO TYRES, MAZGAON DOCK, TATA POWER, and INDIAN BANK. A standout buy recommendation is INDIAN BANK (CMP 440), with targets at 461/501 and aggressive 15-18 months targets at 651, accompanied by a stop below 347.
