Page 42 - Technical Research News Today

​Indian benchmark equity indices ended lower in a trading session on Saturday, dragged by information technology companies and Hindustan Unilever, but gains in lenders helped limit some losses.

The recent correction in the market has not changed the underlying uptrend in the market VK Vijayakumar of Geojit Financial Services said

The short-term trend of Nifty remains choppy. Having faced weakness after a small rise on Saturday signalled a weak bias for the market ahead. At the higher levels, the market could encounter strong overhead resistance around 21,750-21,850 levels and on the downside it could find support around 21,300 levels in the near term, said Nagaraj Shetti of HDFC Securities.

Nifty heavyweights like Reliance, HUL, and Ultratech will share their December quarter numbers today and these can influence the market direction, analysts say

All the sectoral indices ended in the green, with auto, capital goods, IT, FMCG, metal, oil & gas and power up 1-2 percent

Markets across the global traded higher, lifting sentiment for domestic equities. Most frontline banking stocks, which were hammered in the past two day, staged a recovery, with ICICI Bank and Axis Bank taking the lead

The 30-share BSE Sensex jumped 496.37 points or 0.70 per cent to settle at 71,683.23. During the day, it zoomed 708.78 points or 0.99 per cent to 71,895.64.

Bharti Airtel, NTPC, Tech Mahindra, Mahindra & Mahindra, Tata Steel, UltraTech Cement, Titan, Axis Bank, JSW Steel and Larsen & Toubro were the major gainers

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.

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.