Will Sensex, Nifty extend up-move today? 5 things to know before opening bell

Sensex and Nifty saw bulls return to Dalal Street on Thursday, the weekly futures & options expiry session. S&P BSE Sensex zoomed 436 points or 0.79% to settle at 55,818 while NSE Nifty 50 added 105 points or 0.64% to end at 16,628. India VIX, the volatility index, fell on Thursday but sits just above 20 levels. Entering the last trading session of the week, SGX Nifty was up with gains, zooming more than 100 points. The jump in SGX Nifty suggests a continuation of Yesterday’s up-move. Global cues too were positive with Wall Street indices zooming and Asian markets mirrored the move. 

Global watch: On Wall Street, NASDAQ gained 2.69% followed by a 1.84% jump in S&P 500 and Dow Jones added 1.33%. Among Asian markets, Nikkei 225, TOPIX, KOSPI, and KOSDAQ were all with gains. 

What do the charts say: Nifty has given closing above 21-Daily Moving Average which indicates sustain above the same can show upside moment in the counter, said Palak Kothari, Research Associate, Choice Broking. “However, the momentum indicators Stochastic was trading with a positive crossover on an hourly chart which suggests an upside journey in the counter,” Kothari added.

Levels to watch out for: Nifty recently gave a breakout from the resistance end of the consolidation phase which was placed around 16400-16450, said Ruchit Jain, Lead Research, Jain added that till the index trades above 16400 the short term momentum remains positive and the index could attempt to approach the resistance end which is seen around the ‘200 DEMA’ at 16750. Palak Kothari said support for Nifty is at 16400 and resistance at 16700 while Bank nifty has support at 34800 levels while resistance at 36000 levels.

FII and DII trades: Foreign Institutional Investors (FII) were net sellers again, pulling out Rs 451 crore from domestic stock markets. Domestic Institutional Investors (DII) were net buyers, pumping in Rs 130 crore. 

Aether Industries listing: Aether Industries shares will list on the stock exchanges today. The Rs 808 crore IPO was heavily subscribed earlier last month by all categories of investors with QIBs leading the bidding with subscription by the category touching 17.57 times the reservation. NII, Retail, and employee portion were also oversubscribed. The overall subscription tally was 6.26 times. The shares were offered to investors in a fixed price band of Rs 610-642 per share. 

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