“Now, it has to hold above 18550 zones for an up move towards 18700, then 18881 zones, whereas supports are placed at 18442 and 18350 zones,” said Shivangi Sarda of Motilal Oswal Financial Services.
India VIX was up by 0.28% from 14.04 to 14.08 levels. Volatility slightly moved up but has been hovering at lower levels for the last 9 weeks and supporting the bulls to hold the overall command.
Options data suggests a broader trading range between 18400 to 19200 zones, while an immediate trading range in between 18400 to 18800 zones.
!1 New UpdateClick here for latest updates
US stocks open lower as recession worries mount
The S&P 500 fell 8.0 points, or 0.20%, at the open to 3933.28, while the Nasdaq Composite dropped 50.9 points, or 0.46%, to 10963.95 at the opening bell.
PTC India Q2 profit falls 29% to Rs 138 cr
Power trading solution provider PTC India on Wednesday reported 29 per cent dip in consolidated net profit at Rs 138.23 crore for September quarter 2022-23 due to lower revenues. The company’s net profit in the year-ago period was Rs 195.48 crore, according to a BSE filing. Total income also declined to Rs 4,901.84 crore in the quarter from Rs 5,474.34 crore in the same period a year ago.
RBI extends market trading hours
The Reserve Bank of India (RBI) today extended trading hours for various markets regulated by it.Under the new timings, which come into effect from December 12, call/notice/term money market will close at 5 pm, the market for Commercial paper and Certificates of Deposit will close at 5 pm, Repo in Corporate Bonds ends at 5 pm and Rupee Interest Rate Derivatives will end at 5 pm.
Tech View: Nifty forms small red candle on charts. What traders should do on Thursday
Headline equity index Nifty on Wednesday formed a small bearish candle on the daily scale, which is broadly negative. The index has been making lower lows from the last four sessions and needs to negate to commence the fresh leg of the rally.“Now, it has to hold above 18550 zones for an up move towards 18700, then 18881 zones, whereas supports are placed at 18442 and 18350 zones,” said Shivangi Sarda of Motilal Oswal Financial Services.India VIX was up by 0.28% from 14.04 to 14.08 levels. Volatility slightly moved up but has been hovering at lower levels for the last 9 weeks and supporting the bulls to hold the overall command.
Domestic equities continued with its weakness for the fourth consecutive session, reacting to the RBI policy outcome and on worries of aggressive rate hikes by US Fed next week. Nifty though opened flat, saw profit booking post RBI MPC announcement despite the outcome being in line with estimates. It ended near days’ low at 18560 with loss of 82 points (-0.4%). Even midcaps and smallcaps saw weakness and were down 0.6% each. Except FMCG and PSU Banks, all the counters saw selling pressure.Market is likely to remain consolidative given the bigger event of US Fed monetary policy due next week. Post the strong services PMI data and the jobs data, investors are worried that the Fed might continue with its aggression for some more time. Sector rotation is being witnessed in the market. Stock and sectors which have run up recently like IT, real estate, Auto, Private banks, metals are seeing some profit booking while the laggard sectors like FMCG, infra, cement are catching up. IT stocks which have seen a sharp run up in the last 2 months could come under pressure in near term. Most Indian IT services companies derive around 30-40% revenues from the BFSI segment, which off late is seeing some weakness. According to news reports, some of the large US and European Banks are planning to lay off people in view lower revenue projection next year.
– Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
Nifty remained under the grip of the bears as investors booked profits post the rate hike by the RBI governor. The index slipped below its recent consolidation on the hourly chart, suggesting a waning bullishness. The momentum oscillator is in a bearish crossover. The trend is likely to remain negative going forward; support on the lower end is pegged at 18,500/18,350. On the higher end, resistance is visible at 18,670/18,750.
– Rupak De, Senior Technical Analyst at LKP Securities