The benchmark index of the Indian stock market became a sensation at the beginning of 2022, and the Nifty50 index returned to the 17,600 mark, thanks to the broad rise led by financial, IT and oil and gas stocks. Nifty Bank surged 2.7%, the largest increase since May 21, 2021.
What does the chart now suggest for Dalal Street?
Nagaraj Shetti, a technical research analyst at HDFC Securities, said that Nifty50 has formed a long long candle on the daily chart, indicating a strong return of the bulls.
He believes that further increases can be expected in the short term.
“The negative sequence of the lower tops and bottoms on the daily chart is now on the edge, which may mean that the bearish setting may be negated…any decline from here may expand the bullish setting, such as higher Highs and lows,” Shetty added. Maybe there is more room for upside?
Sameet Chavan, chief technology and derivatives analyst at Angel One, said that any rise that makes a significant contribution to the financial basket is healthy and gives the market confidence to continue rising from the current critical moment. He believes that the level of 17,750-17,900 is now the key to Nifty’s attention.
“Since we continue to move upward from 16,800 points, we may see some profit records; but as long as we are convincingly higher than 17,150 points, traders don’t have to worry. Before that, direct support was at 17,500-17,400 points. “Chavan said. He suggested that traders now focus on individual topics in the market.
Here are the key information about the market you need to know before the January 4th meeting:
SGX
At 7:46 am on Tuesday morning, Singapore Exchange (SGX) Nifty futures, an early indicator of the Nifty index, fell 5 points to 17,692.5, indicating that Dalal Street opened flat.
Global Market
Despite Wall Street’s record highs, Asian stock markets are flat
Stock markets in other Asian markets were stable on Tuesday, and Morgan Stanley Capital International’s (MSCI) Asia Pacific’s broadest index outside of Japan was flat in the last statistics. Japan’s Nikkei 225 Index rose 1.4%, Singapore’s Straits Times Index rose 0.7%, but South Korea’s KOSPI Index fell 0.5%, and China’s Shanghai Composite Index fell 0.6%. Hong Kong’s Hang Seng Index was flat.
S&P 500 index futures were flat in Asia. On Monday, the three major Wall Street indexes hit a new closing high. The Standard & Poor’s 500 Index and the Dow Jones Index rose 0.6-0.7%, while the Nasdaq Composite Index, which is dominated by technology stocks, rose 1.2%.
Complete News Source : CNBC TV18
