Technically, with the market surging higher, the underlying trend remains up. Further upsides are likely in the coming week once the immediate resistances of 11,858-11,884 are taken out. Crucial supports to watch for resumption of weakness is at 11,658-11,591
- Deepak Jasani, Head of Retail Research, HDFC Securities
If Nifty trades above 11,859, at least for the first one hour on Monday, it can extend its strength towards 11,955 level. The critical support for short-term traders appears to be in the 11,614-591 range, close to which fresh buying can be initiated with a stop loss below 11,590
- Mazhar Mohammad, Chartviewindia.in
The Fibonacci retracement reveals the pullback fell short of the 61.8 per cent retracement mark. The Golden Ratio level, which is at 11,878 in this case, shows a high probability of the next downward leg. Traders can look to initiate fresh short positions over there. On the downside, 11,591 and 11,426 would be key levels to watch out for
- Gaurav Ratnaparkhi, Sharekhan
Nifty managed to record the highest daily close after making a fresh lifetime high of 12,040 on the results day. The index formed an Inside Bar on the daily chart as it traded inside the wider trading range of results day while a bullish gap-up candle on weekly scale indicated that the bulls are holding a tight grip on the market. Now Nifty has to hold above 11,750 to extend its move towards the 12,000-12,040 zone while support is seen in the 11,666-11,650 zone
Nifty50 after scaling new highs on very high volumes is trying once again to test the immediate highs 12041 which will act as a strong resistance. Nifty50 is likely to be range bound with 12041 as upper resistance and lower support at 11600 or 11400. The market has historically filled the gaps which makes a case that soon Nifty50 will retest the levels of 11400-11600. Traders should take positions only after volatility falls further, currently the whipsaw losses can be witnessed on both sides of the trade, so better to avoid the markets
This landslide victory has raised hopes that the government would take decisive actions to boost business sentiment and that in turn will support the market growth. We feel this feel good factor could extend next week too, provided feeble global cues do not spoil the party. Traders should maintain positive yet cautious approach and focus more on stock selection
- Jayant Manglik, President - Retail Distribution, Religare Broking
The risk taking ability came back as the elections concluded with overwhelming result. The market settled for a board based rally expecting better outlook for the economy in the next 1 to 2 quarter. Volatility index halved to 16.5 in the three days, pushing mid and small caps across the market given attractive valuation. This trend is likely to continue in the near-term and settle for a long-haul expecting the upcoming final budget
- Vinod Nair, Head of Research, Geojit Financial Services
CLOSING BELL: Sensex cheers Modi win, rallies 623 pts; Nifty ends at 11,844; HEG, Graphite India rally 12% each
Nomura CEO to take 30 pct pay cut after information leak
The chief executive of Nomura Holdings will take a 30 percent pay cut for three months after accepting responsibility for an improper handling of market information by Japan's top brokerage.
CEO Koji Nagai told a news conference on Friday that he would take responsibility for the information leak by the company but would not step down.
Do you think midcaps will lead the next leg of rally?
BREAKING NOW: Theresa May to resign as UK PM on June 7
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Fire at SAIL's Bhilai Steel Plant; no loss of lives
Price as on 24 May, 2019 01:30 PM, Click on company names for their live prices.
Markets have a reason to be bullish in long-term: Nirmal Jain
Really excited about India in next 5 years, clean and stable government in India when most nations face tumultuous… https://t.co/W2fehfdRIw
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(Source: IDBI Capital)
These stocks defy market mood, drop up to 20%
Price as on 24 May, 2019 12:42 PM, Click on company names for their live prices.
Rupee set for weekly gain after Modi's landslide election win
The Indian rupee strengthened on Friday and is set for its first weekly gain in three after Prime Minister Narendra Modi's ruling coalition scored a massive election win and supported by a decline in the crude oil price.
The rupee gained as much as 0.4 per cent to touch a session high of 69.74 against the dollar, en route to a weekly gain of about 0.7 per cent.
OVL FY19 net profit jumps 71% on rise in oil production
ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), Friday reported a 71 per cent jump in its 2018-19 fiscal year net profit on the back of a spike in crude oil production.
Consolidated net profit in April 2018 to March 2019 period at Rs 1,682 crore was 71.4 per cent higher than Rs 981 crore net profit in the previous financial year, the company said in a statement here.
Oil recovers, but set for biggest weekly loss of 2019
Oil prices jumped more than 1% on Friday amid OPEC supply cuts and Middle East tensions, but still did not fully recoup losses earlier in the week on economic slowdown jitters and swelling inventories - their steepest drops since the start of the year.
An investment tip from Sandip Sabharwal
Building construction materials, sanitaryware, tiles, pipes, paint etc will be in huge demand as the Government foc… https://t.co/AtoAkS9XSO
Consumer healthcare firm Zydus Wellness Friday said the National Company Law Tribunal (NCLT) has approved scheme of amalgamation between two subsidiaries -- Heinz India Pvt Ltd with Zydus Nutritions Ltd -- post which, Heinz India has ceased to be in existence.
In January this year, Zydus Wellness announced it has completed its Rs 4,595-crore acquisition of Heinz India's consumer wellness business, which includes popular brands Complan and Glucon D.
Be alert for some brisk action in largecaps & midcaps: CK Narayan
Good performers will be over rewarded temporarily. Bad performers may be mercilessly dumped. So do be alert for som… https://t.co/nQsuBMNyPl
Price as on 24 May, 2019 10:07 AM, Click on company names for their live prices.
Reliance Capital jumps 6% on RNAM JV stake sale
Shares of Reliance Capital jumped 6 per cent to Rs 139.80 in Friday's session, a day after it disclosed its plan to exit the mutual funds business.
The company on Thursday said it will exit the mutual funds business by selling its stake in Reliance Nippon Life Asset Management Ltd (RNAM) to its joint venture partner Japan's Nippon Life Insurance.
The company will receive proceeds of about Rs 6,000 crore through sale of its shareholding to Nippon Life Insurance at Rs 230 a share, and the simultaneous offer-for-sale (OFS) to other financial investors.
RPower, Gruh Finance, YES Bank among most active stocks on NSE
Price as on 24 May, 2019 09:44 AM, Click on company names for their live prices.
Sensex rises 100 points, Nifty above 11,750; rupee opens at 69.75 against dollar
Singapore trading sets stage for gap-up start
Nifty futures on the Singapore Exchange were trading 64 points, or 0.55 per cent, higher at 11,743, indicating a gap-up start for Dalal Street.
Tech view: Nifty forms large bearish candle
From trading perspective, 'sell on rise' would be the preferred strategy going forward, said Gaurav Ratnaparkhi of Sharekhan. “On the higher side, the 11,770-11,800 range shall act as a key area, where one can look to initiate fresh short positions,” he said.
Asia shares hobble around 4-month low
Asian shares hobbled near four-month lows on Friday and crude oil plunged on worries the US-China trade spat was developing into a more entrenched strategic dispute between the world's two largest economies, pushing investors to safe-haven assets. MSCI's broadest index of Asia-Pacific shares outside Japan stood flat. Japan's Nikkei average dropped 0.6 per cent.
US stocks end lower
The Dow Jones Industrial Average fell 286.14 points, or 1.11 per cent, to 25,490.47, the S&P500 index lost 34.03 points, or 1.19 per cent, to 2,822.24 and the Nasdaq Composite dropped 122.56 points, or 1.58 per cent, to 7,628.28.
Oil prices stabilise after early fall
Oil markets stabilised on Friday amid OPEC supply cuts and tensions in the Middle East, after posting their steepest falls since the start of the year earlier in the week on the back of a global economic slowdown and swelling fuel inventories. Brent crude futures, the international benchmark for oil prices, were at $68.05 per barrel, up 29 cents, or 0.4 per cent, from their last close.
FIIs buy Rs 1,352 cr worth equities
Foreign portfolio investors (FPIs) bought Rs 1,352.2 crore worth of domestic stocks on Thursday, data available with NSE suggested. DIIs were net sellers to the tune of Rs 593.54, data suggested.