Share Market Today LIVE | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Updates 11 April

For the day, support for the Nifty exists at 17500 and 17400 levels, whereas resistance for the Nifty stands at 17700 and 17800 levels. For the day, support for Bank Nifty exists at 40500 and 40000 levels, whereas resistance for Bank Nifty stands at 41200 and 41500 levels. – ACMIIL

“A close above 50 and 200 DMAs underscores the will to persist with the 17800 objective that we had lined up last week. But yet, the lacklustre moves on Thursday, afterbreaching 17600, points to a struggle, with oscillators entering overbought territory in several periodicities. Ideally, consolidation thereof should take support near 17530/470 before resuming uptrend. Slippage past the same would however let bears dominate, but favoured view does not expect pull back beyond 17,220,” said Anand James, Chief Market Strategist, Geojit Financial Services.

“The recent down moves and up moves in the US bond yields reflect the market uncertainty regarding the direction of US inflation and the Fed’s potential future responses. Even now there is no clarity on whether the US will tip into recession or not. The latest jobs data indicate increasing labour force participation and unemployment at very low 3.5%, despite the massive tightening by the Fed. The volatility in the bond market is getting reflected in the equity market, too,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

“The presence of critical overhead resistance and the emergence of minor weakness from the highs could indicate further consolidation or a minor downward correction for the Nifty in the coming sessions from near 17,650-17,700 levels,” said Ameya Ranadive, Equity Research Analyst, Choice Broking.

“The markets are likely to see gap up opening; SGX Nifty is 37 points higher compared to previous spot Nifty closing. Asian Markets are trading in the green as Nikkei and Hang Seng are trading with gains of 1.4% and 1% respectively,” said Mitul Shah, Head of Research, Reliance Securities.

“Investors will now await the earnings outcome of the March quarter which will start trickling in from this week. The 4QFY23 earnings season begins this week with TCS due to report on Wednesday followed by Infosys on Thursday. Investors will closely watch out for management commentary on the demand environment for Indian IT services in the backdrop of the banking crisis and the slowing economic environment,” said Mitul Shah, Head of Research, Reliance Securities.