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Today’s Stock Market Trading Guide: Dow Jones, Gift Nifty, and Go Digit IPO.

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Everything you should know before Friday’s Gift Nifty Live market opening is: Present Nifty signals a sluggish start; Fed officials advise against rate-cut bets as global markets decline; Today is Go Digit IPO closure; The market opens on Saturday.

Pre-market stock update for May 17, Friday: Volatility is likely to remain an order of the day for the Indian equity market as we near the conclusion of the Lok Sabha elections. That apart, global news and FII flow also weigh on the trading sentiment. 

After yesterday’s extremely volatile session, the Nifty will likely open marginally lower this morning as the global mood seems tepid. At 07:00 AM, Gift Nifty futures quoted at 22,480, suggesting a likely marginal dip on the Nifty 50 index.

Also Read M&M Shares Hit Fresh 52-Week High on Complete Stake Sale in New Delhi Centre for Sight for ₹425 Crore.

Global markets

Overnight, the US market ended off record highs after several Federal officials warned that the central bank still needed more confidence to cut interest rates and that the timing of the move remained uncertain.

Vodafone Idea Ltd

Dow Jones crossed the 40,000 mark in intra-day deals, but eventually settled at 39,869, down 0.1 percent. The S&P 500 and Nasdaq slipped 0.2 percent each.

The US 10-year bond yield remained subdued around 4.365 per cent, near about five week lows. Among commodities, Gold futures eased back to $2,380 levels, while Brent Crude Oil continued to hover around $83 per barrel.

Equity markets in the Asia Pacific region were all in red this morning. Japan’s Nikkei declined 0.8 percent. The Australian benchmark indices fell 0.4 percent, and Malaysia’s Kospi was down 0.3 percent.

Trading strategy for Friday, May 17 – Should you be a buyer or seller today? Here’s what market experts recommend:

On the technical front, the 22,300 zone is likely to cushion upcoming blips, while 22,200-22,100 is likely to act as the next support zone for Nifty, said – Osho Krishan, Sr. Analyst – Technical & Derivative Research at Angel One.

On the higher end, 22,500-22,600 is very much in the vicinity of the bulls, especially with the kind of momentum seen on the weekly settlement session, the analyst added.

Neeraj Sharma, AVP of Technical and Derivatives Research at Asit C. Mehta Investment Intermediates too believe that the Nifty could rally to 22,500–22,600 levels in the near term. The analyst said, technically, the Nifty has surpassed the hurdle of 22,310, where the 21-day exponential moving average (21-DEMA) was placed and managed to close above it, indicating strength. Also Read Gift Nifty Live, Global Markets Hint Gap-Up Open on May 16; FIIs Trade in Focus.

Rupak De, Senior Technical Analyst at LKP Securities recommends that the over the next few days, the bulls might have the upper hand in the market as the Nifty moved above the critical moving average after several days. On the higher side, the Nifty might move towards 22,600 in the short term. Support on the lower end remains at 22,250.

Stocks in focus

Among individual stocks, Vodafone Idea will be in focus after the telecom major said it loss widened to Rs 7,674 crore in the March 2024 quarter. Gail India too will see some action after the company reported near 3-fold jump in net profit at Rs 2,469 crore.

On Friday, Amber Enterprises, Atul Auto, Balkrishna Industries, Balrampur Chini, Bandhan Bank, Delhivery, GlaxoSmithKline Pharma, Godrej Industries, JB Chemicals, JSW Steel, LT Foods, NHPC, Pfizer, The Phoenix Mills, Polyplex Corporation, RCF, Rail Vikas Nigam (RVNL), Shipping Corporation of India, Shalimar Paints, Sobha, TV Today, Gift Nifty Live Universal Cables, Zee Entertainment and Zydus Lifesciences are scheduled to announce Q4 results.

Primary Market Update

Go Digit General Insurance IPO closes today. The issue was subscribed up to 79 per cent as of yesterday. Subscription is open in the price range of Rs 258 – Rs 272 per share. Should you subscribe? 

Other news
Lastly, today is not the final trading session of the week as equity market will be open for normal trading tomorrow May 18, Saturday in special session. The stock exchanges are conducting this trading session to check their preparedness to handle major disruption or failure, if any, at the primary site.

Trading will be in two sessions, the first session will be from 9:15 am – 10 am on the primary site, followed shift in trading to Disaster Recovery Site (DRS) from 11:30 am – 12:30 pm.

Stock Market LIVE: Mid, SmallCap indices gain 1%; Cipla rallies 4%, Siemens 8%

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Stock Market LIVE updates on Wednesday, May 15, 2024: Sectorally, the Nifty PSU Bank index rose over 1 per cent, followed by the Nifty Media, and Metal indices (up 0.6 per cent each)

Opening Bell on May 15, 2024: Indian equities clocked decent gains in early deals on Wednesday, lifted by firm global mood, and bargain buying back home. The S&P BSE Sensex quoted at 73,171, up 66 points or 0.09 per cent. 

The NSE Nifty50, meanwhile, gained 37 points, or 0.17 per cent, to trade at 22,255. The benchmarks were supported by gains in Cipla, Bharti Airtel, Hindalco, BPCL, Coal India, Tata Steel, ONGC, NTPC, and SBI.

In the broader markets, the BSE MidCap, and SmallCap indices added nearly 1 per cent each.

Sectorally, the Nifty PSU Bank index rose over 1 per cent, followed by the Nifty Media, and Metal indices (up 0.6 per cent each). 

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9:35 AM

BSE SmallCap Heatmap:: KDDL, ITI soar up to 10%; Chalet Hotels slips 4%

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9:33 AM

BSE MidCap Heatmap:: Linde India, Oberoi Realty zoom 7%; Aarti Inds down 1%

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9:29 AM

Sectoral Movers:: Metals, PSU Banks, Realty shine in early trade on May 15

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9:26 AM

Broader market check:: MidCap, SmallCap indices outrun Nifty; VIX up 2%

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9:23 AM

Nifty Movers & Shakers:: Cipla soars 4%; HDFC Bank, HDFC Life in red

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9:22 AM

Sensex 30 Heatmap:: Airtel, NTPC gain 1.5%; HDFC Bank slips 0.8%

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9:20 AM

Opening Bell:: NSE Nifty 50 atop 22,250, up 39 pts

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9:17 AM

Opening Bell:: Sensex opens nearly 100 pts higher at 73,194

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9:08 AM

Pre-open deals: Sensex up nearly 100 pts; Nifty atop 22,250

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Oakridge Bachupally Marks Another Year of Academic Success with Exceptional 2024 CBSE Results

9:05 AM

Currency check :: Rupee opens at 83.49/$ vs Tuesday’s close of 83.51/$

9:03 AM

ALERT :: China mulls Govt purchase of unsold homes to ease glut, reports Bloomberg

9:00 AM

Pre-market: Gift Nifty hints gap-up open; Bank Nifty expiry; FII, DII flows

Among key stocks – Bharti Airtel will react to its Q4 numbers released post market hours on Tuesday, the telecom major reported a 31 per cent YoY drop in net profit at Rs 2,071 crore. Cipla too will be in focus on reports that the Hamied family are planning to sell 2.53 per cent stake in Cipla via block deals on Wednesday.

8:55 AM

Stocks to watch on May 15: M&M, Radico Khaitan, Macrotech Developers

M&M:Mahindra Holdings has announced the sale of its 30.84 per cent stake in New Delhi Centre For Sight for Rs 425.4 crore to Space Investments, Defati Investments & Infinity Partners.

Radico Khaitan:The company reported its Q4 results on May 14. Its profit rose 26.5 per cent on a year-on-year basis to Rs 54 crore, as compared to Rs 42.6 crore in the same quarter a year ago. Its revenue jumped 30 per cent to Rs 1,079 crore, as opposed to Rs 832 crore  in the same quarter previous fiscal.

8:50 AM

Bharti Airtel, Cipla, Paytm, Colgate among seven stocks to track on May 15

Bharti Airtel: The telecom giant reported a 31 per cent decline in consolidated net profit for Q4FY24, amounting to Rs 2,071.6 crore, compared to Rs 3,005.6 crore in the same period last year. Consolidated revenue from operations also dropped 10.5 per cent to Rs 7,467 crore year-on-year.

Cipla: Reports suggest that Cipla promoters are set to sell a 2.53 per cent stake worth Rs 2,637 crore.

8:46 AM

Nifty Bank, Private Bank indicate bullish turn on charts; key levels here

In light of these factors, traders may consider buying on dips on Nifty Bank index with targets set at the aforementioned resistance levels. Conversely, if the index breaks below the support level of 46950, it could indicate further downside momentum. In such a scenario, the next support levels to watch would be at 46,580 and 45,730.

8:46 AM

Nifty Bank, Private Bank indicate bullish turn on charts; key levels here

In light of these factors, traders may consider buying on dips on Nifty Bank index with targets set at the aforementioned resistance levels. Conversely, if the index breaks below the support level of 46950, it could indicate further downside momentum. In such a scenario, the next support levels to watch would be at 46,580 and 45,730.

8:42 AM

Silver, Natural Gas: Check target price, trading strategies for May 15

On the daily chart, silver is showing a bullish trend with a pattern of higher highs and higher lows. Similarly, the Relative Strength Index (RSI) is mirroring this pattern, further indicating bullish sentiment. Key resistance levels for silver are around 85,800 and 86,200, while support levels are at approximately 84,800 and 84,370. 

8:38 AM

MOIL, TechM: Top buy & sell ideas from Vinay Rajani of HDFC Securities

Stock Market Buy Tech Mahindra (Rs 1,275): | Target: Rs 1,380 | Stop loss: Rs 1,215

On April 26, stock broke out from the downward sloping trend line on the daily chart. Price rise was accompanied by rise in volumes. Post breakout, stock witnessed correction and reached a gap support on the daily chart. After taking support in the gap, sock resumed its primary uptrend. Indicators and oscillators have turned bullish on the daily chart.

8:33 AM

Fund Flow :: DIIs buy equities worth Rs 3,527.86 crore on May 14

8:27 AM

Fund Flow :: FIIs/FPIs sell equities worth Rs 4,065.52 crore on May 14

8:22 AM

ALERT :: GIFT Nifty suggests positive start on Wednesday

>> At 8:22 AM, the index was up 58 points at 22,367 level

8:19 AM

Stock Market are little changed as Wall Street readies for key inflation report

>> Stock futures were little changed as Wall Street braced for April’s consumer price index.

>> Futures tied to the Dow Jones Industrial Average added 17 points, while S&P 500 futures and Nasdaq 100 futures hovered near the flatline.

8:16 AM

China’s BYD launches hybrid pickup in Mexico as US hikes EV tariffs

>> Chinese automaker BYD unveiled the Shark, a mid-size hybrid-electric pickup truck, in Mexico on Tuesday, as its regional chief brushed off new US tariff hikes on Chinese EVs, saying the company was not eyeing an entry to the US market.

>> The Shark strengthens BYD’s foothold in the North American market with a vehicle aimed directly at incumbents Ford, General Motors, and Toyota.

>> It is for now only available in Mexico, executives said, and is the first time the world’s largest electric-vehicle (EV) maker has launched a new product outside its home country.

8:12 AM

ALERT :: China’s central bank leaves key policy rate unchanged

>> China’s central bank left a key policy rate unchanged when rolling over maturing medium-term lending facility (MLF) loans on Wednesday, in line with market expectations.

>> The People’s Bank of China (PBOC) said it was keeping the rate on 125 billion yuan ($17.28 billion) in one-year MLF loans to some financial institutions unchanged at 2.50% from the previous operation.

8:09 AM

Stock Market ALERT :: China’s economy reveals pockets of softness

>> As China’s economy moves into the second quarter of the year, a few indicators are pointing to sluggish growth ahead if things don’t turn around.

>> Meanwhile, the National Bureau of Statistics is due to release data on retail sales, industrial production and fixed asset investment for April on Friday.

>> The same day, China plans to issue its first ultra-long bond — 30 years in term — as Beijing kicks off a previously announced program for a total of 1 trillion yuan ($138.25 billion) in funds for major strategic projects. 

>> The central government bond program comes as the drag from real estate persists, while businesses and consumers largely remain conservative about spending.

>> The People’s Bank of China over the weekend released new loan data for April that pointed to a sharp slump in demand, with several metrics at their lowest in at least two decades.

8:06 AM

Stock Market ALERT :: Fed Chair Powell says inflation has been higher than thought

>> Fed Chair Jerome Powell reiterated Tuesday that inflation is falling more slowly than expected, likely keeping interest rates elevated for an extended period.

>> “We did not expect this to be a smooth road. But these [inflation readings] were higher than I think anybody expected,” Powell said in Amsterdam. “What that has told us is that we’ll need to be patient and let restrictive policy do its work.”

>> Tuesday brought a fresh round of discouraging inflation data, when the producer price index rose a higher-than-expected 0.5% in April.

8:03 AM

Stock Market Asian markets :: Nikkei, ASX gain on strong Wall St handover

>> Kospi, and Hang Seng are shut today

7:58 AM

Wall Street check :: Nasdaq ends at record close

7:53 AM

Good morning, readers!

Welcome to Business Standard’s LIVE market blog.

Credit– business-standard

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Pre-Market: May 14 Focus will be on Gift Nifty, Q4 Earnings, and Inflation Statistics.

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Here is all the information you require prior to the market opening on Tuesday, May 14: Gift Nifty points to a robust beginning; Zomato shares will react to Q4 Earnings; Keep an eye out for these pivotal Bank Nifty and Nifty levels.

Pre-market stock update for May 14, Tuesday:Aided by the sharp intraday rally yesterday, the NSE Nifty 50 managed to survive above the 100-DMA (Daily Moving Average) for the third straight trading session. 

The market may look to build-up on the gains, amid supportive cues from Asian peers. The focus, however, will be on the inflation data in India and the US, followed by the US Fed chief Jerome Powell speech.

Retail inflation in India eased to 4.83 per cent in April, even as food prices continued to surge. The data was release on Monday, post market hours. 

Akhil Mittal, Senior Fund Manager-Fixed Income, Tata Asset Management said the CPI numbers were in line with expectations, and hence may not have any material impact on policy / markets.

At 07:00 AM, Gift Nifty futures quoted at 22,239, suggesting a mildly positive start on the Nifty 50.

Among individual stocks Zomato will be in focus after the company posted its fourth straight quarterly net profit. 

That apart, shares of Archean Chemical, AIA Engineering, Andhra Paper, Apar Industries, Apollo Tyres, Aurionpro Solutions, Bajaj Electricals, BASF  India, Bharti Airtel, Bharti Hexacom, BLS International, Butterfly Gandhimathi, Colgate Palmolive, Devyani International, Edelweiss Financial Services, Ganesh Housing Corporation, HP Adhesives, Ideaforge Technology, Jubilant Ingrevia, Kirloskar Brothers, Man Infraconstruction, Mirco Electronics, Oberoi Realty, OnMobile Global, Patanjali Foods, PVR  Inox, Radico Khaitan, Shree Cement, Siemens, Thyrocare Technologies and Zydus Wellness will be in focus as these companies announce Q4 results today.

Trading strategy for Tuesday, May 14 – Should you be a buyer or seller today? Here’s what market experts recommend:

Osho Krishan, Sr. Analyst – Technical & Derivative Research at Angel One recommends to remain cautious amidst the rise in volatility, which may be deceptive and could trap traders on either side. He adds that traders should refrain from aggressive overnight bets, and maintain exclusivity with stock selection.

On the level-specific front, Osho expects support for the Nifty around 22,000 – 21,900, followed by the sacrosanct support of the 89-DEMA around 21,800 zone. At the higher end, 22,200-22,300 is likely to act as intermediate resistance, and a sustainable surpass could only trigger a fresh round of longs in the system.

What are Shares and Types of Shares?

Analysing the F&O data, Ashwin Ramani, Derivatives & Technical Analyst of SAMCO Securities, reveals that both the 21,800 & 21,900 Strikes saw strong put writing. The Nifty has formed a hammer pattern on the daily chart, which is considered to be a bullish reversal signal. If call writers (Bears) exit from the 22,000 Strike, then Nifty is likely to move higher.

Echoing similar terms, Om Mehra, Technical Analyst of SAMCO Securities, said the Nifty has formed a hammer candlestick pattern at the support of its rising trendline on the daily chart, signaling a potential reversal. 

The Nifty may trade within a broader range of 21,950 to 22,250 in the coming sessions. While the Nifty closed above its 100-day Moving Average (DMA), but needs to close above the crucial level of 22,300, to confirm a bullish stance to continue, Om Mehra added.

Bank Nifty halted its eight-session losing streak, showing resilience as it formed a morning star pattern on the hourly chart and rebound from lower levels, closing the session at 47,754. Currently, Bank Nifty is positioned near a crucial rising trendline. The daily Relative Strength Index (RSI) stands at 46 levels. Immediate resistance remains at 48,000; if crossed, we expect a rally till 48,250-48,300, the analyst concluded in the note.

Similarly, Neeraj Sharma, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates suggested that as per the hammer candlestick pattern, as long as the Nifty holds the support of 21,820, the relief rally will continue. The 21-DEMA is placed near 22,315, which will act as an immediate hurdle for the index. Thus, for the short term, we expect a pullback towards 22,300 levels. If the index sustains above 22,315, the pullback rally might test 22,500 levels.

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Global markets

Overnight, the US market ended little changed with the Dow Jones snapping its seven-day rally as investors awaited US inflation data and Fed chair Powell speech.

The yield on benchmark the US 10-year notes fell 1.6 basis points to 4.489 per cent. 

This morning in Asia, Nikkei and Taiwan gained over 0.5 per cent each. Kospi was flat. The Bank of Japan on Monday sent a hawkish signal to markets by cutting the amount of Japanese government bonds it offered to buy in a regular operation.

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