Shandong Penglai Flushing Laser Equipment Co., Ltd
Flushing Laser Equipment Co., Ltd., No. 23, Youyi Road, Penglai City, Shandong Province
Indian equity markets ended Thursday’s choppy trading session in green amid high volatility, mixed global cues. After fluctuating between gains, losses all day, Sensex managed to close 85.26 points or 0.14% up at 61,235.30, while Nifty50 closed 0.25% higher at 18,257.80. Sectorally, metal, pharma, power, oil & gas and capital goods indices rose 1-3 percent, while bank and realty indices fell over 0.5 percent each. In broader markets, BSE midcap and smallcap indices ended in the green. Tata Steel, JSW Steel, Coal India, Sun Pharma, UPL, Divis Labs, and L&T were the top gainers in the Sensex pack, rising between 2 and 6 per cent. Meanwhile, Asian Paints, HDFC Bank, IndusInd Bank, Kotak Bank, HCL Tech, and Maruti Suzuki were the laggards.
“Asian markets are giving mixed cues due to the uncertainty regarding the changes in fiscal policies ahead and the rising cases of coronavirus in the US. Lot of developments happened in the telecom sector as the communication ministry announced that Vodafone idea and TATA Teleservices will not become government undertakings after the conversion of outstanding dues into equity. On the technical front, the key resistance level for Nifty50 is 18400 and on the downside 18000 can act as strong support. Key resistance and support levels for Bank Nifty are 38800 and 38000 respectively”.
“Nifty rose for the fifth straight session; however it seems to be running out of steam going by the intra day moves. While the Nifty seems headed towards the earlier high of 18604, some correction prior to that is likely. 18129-18342 seems to be the band for the Nifty in near term.”
“The headline index started off on a positive note and traded in a range for the rest of the session. On the daily chart, a Dragonfly Doji has formed, however, the pattern itself is unable to indicate the future trend. Tomorrow’s trade is crucial for future trend confirmation. Going forward, a clean move above 18275 may induce further rally towards 18400/18550. On the lower end, price has support at 18150 below which the Nifty may lose the current bullish momentum.”
The Nifty has given a positive close above 18250. Ideally, the next target is 18500 with strong support at 17800. Any dip can be utilized to accumulate long positions on the index.
“The domestic market traded between gains and losses weighing the initial positive earnings results and weak global cues. Globally, western markets traded lower due to 4-decade high inflation as the US consumer price index rose by 7% YoY in December. Owing to an unfavourable base effect, India’s retail inflation also jumped to 5.59% in December higher than RBI’s forecast of 5.1% for Q3FY22. India’s Industrial Production registered a subdued growth of 1.4% as supply shortage constrained factory production”More Stories onNiftySensexstock marketstock markets