Stock Market Today: GIFT Nifty on the NSE IX down 14 points, or 0.07 percent, to 19,481.5, indicating that Dalal Street will likely have a quiet start to the day. On the daily chart, the Nifty finished the day five points lower, forming a Doji candle. According to the daily timeframe chart, the sequence’s bigger degree of lower tops and bottoms is still there, and analysts predict that Nifty is currently rising towards the sequence’s new lower top formation. Today, a number of businesses, including Tata Power, Mazagon Dock, Patanjali, and many more, will release their second quarter earnings.
Rupee settled lower; Tokyo stocks opened higher
Following persistent outflows of foreign funds and a strong US dollar overseas, the rupee ended Tuesday’s range-bound trading session down 6 paise at 83.27 against the US dollar. Wednesday’s opening of Tokyo equities followed Wall Street advances, with Nintendo rising more than six percent on the back of positive results and rumours of a “Zelda” movie.Early trading saw the benchmark Nikkei 225 index rise 0.59 percent, or 189.21 points, to 32,461.03, while the Topix index as a whole gained 0.21 percent, or 4.84 points, to 2,337.75.
Stock Market Today: Stocks in focus
ICICI Bank
ICICI Bank has overcome the initial resistance of 945 levels, which are also 50 Day EMA levels, and recovered from the support level of 935 levels, which is also near to its 20 Day EMA levels. The stock is currently trading at 948.10 levels, indicating a break above the resistance level that was previously highlighted. Additionally, the stock is trading above all significant moving averages, which is a sign of strength. The stock can go towards the target of 980 and higher after it crosses the level of 960, which is where a lesser resistance is seen.
Tata Steel
The Tata Steel stock has a bullish reversal pattern in the short term trend; technically, a retrenchment might occur up to 127. Therefore, if the trader holds the support level of 114, the stock may short-term bounce towards the 127 level, allowing them to go long with a stop loss of 114 and target price of 127.
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