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Domestic equity markets are now on a three-day gaining streak but might face some volatility today owing to the monthly derivates expiry. S&P BSE Sensex currently sits at 49,773 points while the 50-stock NSE Nifty was above 14,850. On Thursday morning, SGX Nifty was trading in the green, hinting at a gap-up start for domestic equities. Meanwhile, despite a weak closing on Wall Street, stock markets in Asia were inching higher during the early hours of trade on Thursday.
Global watch: Wall Street equity indices ended lower despite Fed Chairman Jerome Powell assuring that the Fed will not stop supporting the economic recovery. Dow Jones fell 0.48% while the NASDAQ was down 0.28%. S&P 500 ended 0.08% lower. Among Asian peers, Hang Seng, Shanghai Composite, Topix, Nikkei 225, KOSPI, and KOSDAQ were all in the green.
Technical take: Nifty closed just below the crucial resistance of 14,900 on Wednesday. “Though Nifty placed at the key hurdle, there was no sign of profit booking from near the resistance on Wednesday. This is a positive indication and signals more upside in the short term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He added that the short term trend continues to be positive.
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Levels to watch out for: Technical analysts believe bulls have made a comeback on Dalal Street with the three-day rally seen in stock markets. “The resistance zone for nifty is at 14980-15000,” said Manish Shah, Founder, Niftytriggers. He added that monthly expiry could result in selling around the resistance levels. “A break above 14980-15000 will signal an onward upside towards 15310-15400 for May Expiry. Support for Nifty is at 14650-14660 any declines to this zone is a buying opportunity,” he added.
FII and DII trades: On Wednesday, both Foreign Institutional Investors (FII) and Domestic Institutional Investors (DII) were net buyers of domestic securities. FIIs bought stocks worth Rs 766 crore and DIIs bought shares worth Rs 436 crore.
Results today: Titan Company, Laurus Labs, Hindustan Unilever, Mahindra Logistics, L&T Finance Holdings, Avas Financiers, Bajaj Auto, Agro Tech Foods, and Inox Leisure are some of the firms that will be reporting their quarterly earnings today.
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