Indian Sensex and Nifty are on a 3-day win streak
Domestic equity markets in India are on a three-day winning streak. However, they could face some volatility today since derivatives are expiring monthly. S&P BSE Sensex currently stands at 49,773 points, while the NSE Nifty of 50 shares holds above 14,850.
On Thursday morning, SGX Nifty was trading green, hinting at a gap-up start for domestic stocks. Meanwhile, despite a weak close on Wall Street, Asian equity markets rallied slowly during the early hours of trading on Thursday.
Nifty closed just below crucial resistance at 14,900 on Wednesday. Although Nifty was at the critical barrier, there were no signs of reserve gains near resistance on Wednesday. As demonstrated by Nagaraj Shetti, technical research analyst at HDFC Securities, this is a positive indication and more bullish signals in the near term. He added that the short-term trend remains positive.
Technical analysts believe the bulls have made a comeback on Dalal Street with the three-day rally seen in equity markets. Manish Shah, the founder of Niftytriggers, noted that the resilience zone for nifty is 14,980-15000. He added that the monthly expiration could result in selling around resistance levels. A break above 14980-15000 will indicate a rally towards 15310-15400. Support for Nifty is at 14650-14660, any drop in this area is a buying opportunity, he added.
Indian Oil Corp. shares contracted by 0.11%
Shares of Indian Oil Corporation Ltd. traded with a plunge of 0.11% down in Thursday’s trade.
The stock opened at Rs 90.05 and reached an intraday high and low of Rs 90.5 and Rs 89.15. The stock of Indian Oil Corporation Ltd. quoted a 52-week high of Rs 105.0 and a 52-week low of Rs 71.15.
The total market cap of the Indian Oil Corporation Ltd. was Rs 84209.65 crore at the time of writing this report.
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