Stock Market Today: Today’s bearish hints could keep pressure on domestic indices. In today’s early morning session, the Nifty futures on the Singapore Exchange (SGX) were trading 34.5 points or 0.19% higher at 18,345.5. Asian markets on Wednesday were trading in the red, with the Hang Seng in Hong Kong down 0.48%, the Shanghai Composite down 0.85%, the KOSPI down 0.04%, and the Nikkei 225 down 0.44%.
US Market in red
The overnight session on the US stock market finished with a sharp loss for the Dow Jones Industrial Average (DJIA), S&P 500, and the tech-heavy Nasdaq. The 30-share BSE Sensex ended the trading day at 61,761.33 and 18,265.95 respectively for the NSE Nifty 50. In terms of sectoral indexes, Bank Nifty dropped 85.85 points, or 0.2%, to 43,198.15; Nifty PSU Bank plummeted 113.3 points, or 2.75%, to 4,001.8; whilst Nifty IT rose 204.55 points, or 0.73%, to 28,125.5.
Stock Market Today: Bank Nifty undertone remains bullish as long as it holds 43000
On the daily timeframe, Bank Nifty is shown to be trading in a higher high, higher low shape, but is being rejected around levels near 43500. As long as it holds at 43000, the undertone will continue to be bullish since put writers are very busy on 43100 and 43000 and call writers are aggressive on 43300 and 43500. Using a buy on dip strategy, 43700 can be the aim. The RSI technical indicator, which is currently around 62, is demonstrating strength by maintaining levels above 50. According to Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd., Bank Nifty support levels are at 43200, 43100, and 43000 and resistance levels are at 43400, 43500, and 44000.
Canara Bank, Manappuram Finance, BHEL, GNFC under F&O ban today
On its F&O ban list for May 10, the National Stock Exchange has Canara Bank, Manappuram Finance, BHEL, and GNFC stocks. Stocks are not permitted in the F&O sector, according to the NSE, when their holding exceeds 95% of the MWPL (market-wide position limit). No new positions are allowed for F&O contracts in that stock during the F&O ban period.
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