By Sabari Saran NEW DELHI: Asian markets extended losses on Thursday, perpetuating the weak sentiment from the US tech rout. But mild gains in US stock at the opening tick later in the day held out promise for Friday’s session on Dalal Street, which was shut on Thursday for a public holiday. Nifty slipped 1 per cent on Wednesday, and in the process, formed a Bearish Belt Hold pattern on the daily chart. Analysts said the 50-pack is facing a stiff hurdle on the higher side, especially in the 14,900-15,000 zone. “Only a close above the 15,000 mark can activate the overall bullish stream. Otherwise, we may again see selling pressure at higher levels. Support can be seen near the 14,775-14,700 zone,” said Rohit Singre, Senior Technical Analyst at LKP Securities.
Shares of Tata Motors differential voting right, or DVR, hit a 33-month high of Rs 151, as they rallied 6 per cent on the BSE in Tuesday s intra-day trade on the back of heavy volumes amid expectations of inclusion in the MSCI Smallcap index. The stock was trading at its highest level since July 30, 2018. In comparison, the S&P BSE Sensex was down 0.72 per cent at 49,138 points at 10:07 am. In the past two weeks, shares of Tata Motors DVR have outperformed the index by surging 20 per cent, as against a 1.8 per cent rise in the S&P BSE Sensex. The trading volumes on the counter jumped over three-fold with a combined 3.85 million equity shares having changed hands on the NSE and BSE so far.
Ahead of Market: 12 things that will decide stock action on Monday SECTIONS Share Synopsis Aditya Agarwala of YES Securities said if the bulls manage to push Nifty beyond the 14,880-14,900 zone, the index can rise and test the 15,100-15,200 zone. Getty Images The MACD showed bearish signs on the counters of Deepak Nitrite, Intellect Design, HG Infra Engineering, South West Pinnacle, Poly Medicure, Grindwell Norton, Page Industries, TeamLease Service, Autoline Industries, CL Educate and Krishana Phoschem. Related NEW DELHI: On the weekly chart, Nifty formed a Long Legged Doji on Friday as the headline index closed near its opening level. Manish Hathiramani, technical analyst at Deen Dayal Investments, said it is crucial for this level to be taken out this week as that would signal an up move to 15,300-15,400. If the support of 14,400 is broken, we will revisit the previous lows of 14,200 and can drift further to 13,900, he said.
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