Nifty likely to remain rangebound, resistance at 18000; Q4 results, 5 things to know before opening bell

Indian equity markets snapped three-day losing streak to end in positive territory in the previous session. Last week was eventful for domestic equity as they started with a bang due to the HDFC twins merger news although the following sessions were not up to the mark. However, on Friday, the RBI monetary policy became the show stopper as the market took it positively and ended the week slightly inside the safe terrain. This week is likely to be the truncated one and hence, do not expect any big bang moves in key indices, said analysts. Q4 FY22 earning season kick off from would be a key factor for market direction going forward.

5 things to know before market opening bell

Global cues: Asian shares slipped on Monday ahead of a week thronging with central bank meetings and U.S. inflation data. The mood in equity markets was cautious, with Japan’s Nikkei 225 dropping 0.6%, having shed 2.6% last week. Chinese stocks led losses regionally, with the Shanghai composite down 1.19% while the Shenzhen component shed 2.158%. Hong Kong’s Hang Seng index dropped 2.21%. South Korea’s Kospi dipped 0.26%. In the US, S&P 500 stock futures and Nasdaq futures both dipped 0.2% in early trade. Oil prices were lower in the morning with international benchmark Brent crude futures down 2.31% to $100.41 per barrel. U.S. crude futures shed 2.36% to $95.94 per barrel.

Nifty technical view: “NSE Nifty 50 rose for second week in a row though formed a doji after a rise on weekly charts suggesting caution at higher levels. Q4 results season will start from Monday and the market’s focus will shift to individual stocks. The RBI has turned mildly hawkish and this could impact the valuations in the markets over time. Nifty could now take support from 17522-17560 band and face resistance from 17900-17921 band over the next few days,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

“Technically, after a short-term correction, on weekly charts the Nifty has formed a Doji candlestick formation which clearly shows indecisiveness between the bulls and bears. The market took the support near the 10-day SMA and has formed a promising reversal formation which indicates continuation of a pullback rally in the near future. We are of the view that the range-bound texture is likely to continue in the short run,” said Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities.

Levels to watch out for: “The benchmark Nifty found support around the previous session’s low resulting in a positive close for the day. However, on the higher end, the Nifty found resistance around the lower band of the rising channel. Going forward, the trend may continue over the near term. On the higher end, the index may find resistance at 18000 whereas, on the lower end, support exists at 17650,” said Rupak De, Senior Technical Analyst at LKP Securities. Request you to use the views in today’s copy.

Q4 Results today: Tata Consultancy Services, Birla Tyres, Delta Corp, Elnet Technologies, Kesoram Industries, and Lasa Supergenerics will release quarterly earnings today (11 April).

Stocks under F&O ban on NSE: Only RBL Bank stock is under the F&O ban for 11 April. The stock plumetted 10 per cent in last four consecutive sessions. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 per cent of the market-wide position limit.

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