stock market today: Indian shares broke their three-day losing streak in Friday’s session and were up in morning deals. The 30-share BSE Sensex opened with gains and regained the psychological level of 60,000. The BSE sensitive index touched a high of 60,889 within hours of the stock market opening.
Similarly, the 50-stock NSE Nifty index climbed nearly 280 points to hit an intraday high of 18,141. The 50-stock index reclaimed the psychological 18,000 level, climbing in the morning session in Monday’s deals.
According to stock market experts, major benchmark indices including Sensex and smelly Inched higher today as US wage growth declined in December, indicating a cool-off in upward price pressures. He added that the Sensex is facing resistance at 61,000 levels, while the immediate hurdle for the Nifty is now at 18,300. If the Sensex manages to cross the 61,000 barrier, we can expect the 30-stock index to touch 63,000. Similarly, on breaking 18,300 level, the Nifty could turn extremely bullish if it manages to overcome the hurdle placed at 18,300.
What are Sensex and Nifty pulling today
Market expert Sugandha Sachdeva speaking on the reasons for the rally in Sensex and Nifty indices said, “Indian stock market witnessed a strong rally in the morning trade today tracking global cues as wage hikes. we December has declined, indicating a cool-off in upward price pressure.” He added that the 17,800 mark is a strong support and the Nifty looks poised on a higher trajectory, though still facing key resistance at 18,500. is expected to mark in the near term.
“We may see the benchmark spend some more time in this zone in the coming days as triggers such as the US inflation data This week is expected to determine the monetary policy stance of the US Fed in the coming period, said Sugandha Sachdeva.
“The US economic data released on Friday is important from the global market point of view. All data point to a strong but cooling US economy, which indicates a growing possibility of a soft landing for the US economy. ISM Services data came in at 49.6 The previous figure was 56.5. December jobs growth was 223000, the lowest in 2 years. Hourly wage growth slowed to 4.6 per cent against a recent peak of 5.6 per cent,” said VK Vijayakumar, chief Investment Strategist at Geojit Financial Services.
Geojit Financial Services The expert further said that all these point to the possibility of easing inflation and the Fed becoming less bullish in 2023. Market has already started discounting with dollar index falling below 104 and US 10 year bond yield falling by 12bp. All signals are bullish.
When asked about the technical opinion on Sensex and Nifty, Sumeet Bagadia, Executive Director, Choice Broking said, “Sensex has strong support at 59,500, while it is facing an immediate hurdle at 691,000. On crossing this hurdle, It can go up to 63,000 level in the near term. Similarly, Nifty is facing resistance at 18,300. On breaking this level, the 50-stock index could turn extremely bullish.”
Sumeet Bagadia of Choice Broking said that the Nifty currently has immediate support at 17,900 and 17,700 levels.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We advise investors to do due diligence with certified experts before making any investment decision.
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