Stock Market Today: The SGX Nifty today opened lower at 18,350 and went on to touch an intraday low of 18,286 levels, signalling a good opening for Dalal Street. The index, however, quickly gained momentum and experienced buying interest at the lower levels. Within a few minutes of the morning trading session, the SGX Nifty reduced its morning losses, turned green, and reached an intraday high of 18,423 levels.
SGX Nifty is indicating a successful opening
Anuj Gupta, Vice President of Research at IIFL Securities, explained the SGX Nifty’s trading pattern as follows: “SGX Nifty is signalling good opening on Dalal Street as the index has extended its early morning gains further and the index has been trading in high near 140 points range.”
CPI inflation in the United States has fallen below 5% for the first time in two years
After US CPI inflation dropped below 5% for the first time in two years, the US market ended the overnight session primarily in the green. The Dow Jones Industrial Average (DJIA) decreased by 0.09%, the S&P 500 increased by 0.45%, and the tech-heavy Nasdaq increased by 1.04%. The NSE Nifty 50 increased by 49.15% or 0.27% to 18,315.1 on Wednesday, and the BSE Sensex increased by 178.87 points or 0.29% to 61,940.2. The Bank Nifty increased 132.9 points or 0.31% to 43,331.05 in the sectoral indexes, while the Nifty PSU Bank fell 42.5 points or 1.06% to 3,959.3 .
Data provided by the Bureau of Labour Statistics
The US consumer price index (CPI) jumped 4.9 percent year on year in April, according to statistics released by the Bureau of Labour Statistics (BLS) on Wednesday. Economists predicted the figure to remain stable at the 5% level seen in March.
Stock Market Today: Day trading guide
Nagaraj Shetti, Technical Research Analyst at HDFC Securities, commented on the forecast for the Nifty today: “Even though the Nifty is situated near the strong overhead resistance of 18,250-18,300 levels, there is still no indication of any reversal pattern emerging at the highs. Around the 18200–18200 band, any weakness from here could find support. The next upside objective of roughly 18,600-18,700 levels could become accessible in the short term with a firm move over 18,300-18,400 levels.
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