The Indian equity market opened on a tepid note amid subdued global cues on Wednesday. In the last couple of trading sessions, the D-street managed to recoup losses made in Friday's trading session. Yet it is difficult to say whether the market is entirely out of the grips of bears.
The BSE Sensex opened mildly in red at 60,811 points and shifted between mild gains and losses so far. The NSE Nifty started trading above the 18,000 mark and followed the same trajectory of muted upward and downward momentum. Nifty Bank opened in green at 42,733 points and briefly traded above the 43,000 mark.
As of 2:30 PM, Sensex is trading at 61,030 points, up 102 points or 0.2% while Nifty-50 is trading at 18,162 points, up 31 points or 0.18% and Nifty Bank is trading at 42,957 points, up 98 points or 0.2%.
Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel One, said, "In the last couple of sessions, our markets have managed to recover fair bit of lost ground. Importantly, a close above 18050 – 18100 is a sign of relief and the early indication of completing the recent price correction. However, if the immediate corrective trend has to negate, Nifty will have to go past the key level of 18300 on a sustainable basis. Until then we are still not completely out of the woods yet. For the coming session, 18200 followed by 18300 would be seen as immediate hurdles, whereas on the flipside, 18000 – 17900 now becomes a sacrosanct support zone. Traders are advised to stay positive but at the same time, it's advisable not get too complacent and should continue to keep a regular tab on global developments."
Wall Street ended mixed on Tuesday, with growth stocks performing poorly while value stocks gaining positive momentum. The Dow Jones Industrial Average gained 37 points or 0.1%, while both S&P and Nasdaq lost 15 points or 0.4% and 144 points or 1.38%, respectively.
