Will Sensex, Nifty move higher or will bears revisit D-Street? 5 things to know before opening bell

On Tuesday, Nifty formed a long bull candle was formed with minor lower shadow, according to chartists.
(Image: REUTERS)

Domestic stock markets resume trading after a brief halt on Wednesday. Sensex currently sits at 48,544 points, recouping some of Monday’s losses. Nifty 50, on the other hand, is settled at 14,504. SGX Nifty was down in the red, hinting at a negative start for equity markets that have continued to fluctuate between a broad range over the last few trading sessions. Global cues were mixed on Thursday. Investors are likely to keep an eye on earnings and take note of stock-specific actions while the rising coronavirus cases continue to spook investors.

Global watch: On Wednesday, Wall Street traded mixed with Dow Jones closing with gains but S&P 500 and NASDAQ failed to gain and ended in the red. Among Asian peers, Shanghai Composite, Hang Seng, and KOSDAQ were in the red while Japanese stock markets surged higher.

Technical take: On Tuesday, Nifty formed a long bull candle was formed with minor lower shadow. “Technically, this pattern indicates a counter attack of bulls from the lows and this could open up more upside bounce in the short term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Levels to watch out for: Now Nifty needs to hold above 14,500 zones for an up move towards 14650 and 14800 zones while on the downside, support exists at 14,250 and 14,100 zones, said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services. Meanwhile, Nagaraj Shetti is of the view that Nifty could revisit the upper range of around 14,800-14,900 levels in the coming weeks. “Immediate support is placed at 14,420,” he added.

FII and DII trades: On Tuesday Foreign Institutional Investors (FII) continued to sell domestic stocks, this time worth Rs 730 crore. Domestic Institutional Investors (DII) were net buyers, pumping in Rs 243 crore on Tuesday.

Results today: After TCS and Infosys, today another IT major, Wipro will be announcing its fourth quarter results. Along with it, Hathway Bhawani Cabletel and Tinplate Company will also announce their results.