Broader markets outperform; realty stocks go sky-high, DLF becomes top gainer!

Interestingly, the broader markets are seen outperforming the frontline gauge with Nifty Midcap 100 and Smallcap 100 gaining over 1 per cent each.  

Market Update at 12:35 PM: The key benchmark indices continue to trade with modest gains on Wednesday with Sensex trading above its important psychological level of 59,000.  

Interestingly, the broader markets are seen outperforming the frontline gauge with Nifty Midcap 100 and Smallcap 100 gaining over 1 per cent each.  

Among the sectoral indices, Nifty Media and Nifty Realty are the top gainers. Nifty Realty has jumped nearly 7 per cent with all its constituents trading in green. The stock of DLF is leading from the front after soaring nearly 10 per cent, followed by Godrej Properties, which is also up by 9 per cent. 

Market Update at 11:15 AM: Indian key benchmark indices i.e. Nifty and Sensex were seen trading with modest gains of 0.09 per cent and 0.12 per cent, respectively on Wednesday.   

Among the sectoral indices, Nifty Media and Nifty Realty were the top gainers while on the other hand, Nifty Financial Services and Nifty Bank dipped over half a per cent each and emerged as the top losers.   

On the options’ front, a tussle has been witnessed between the bulls and the bears on the 17,600-strike price as 17,600 Call option saw the addition of nearly 23.93 lakh shares in today’s session itself. Meanwhile, the 17,600 Put Option witnessed the addition of 20.74 lakh shares. Once Nifty index starts to sustain above the 17,600 mark, it would give the call writer a hard time. 

D-Street bulls were back with a vengeance on Tuesday, driving Nifty past the 17,500 mark. The beaten-down index i.e. Nifty Metal recovered sharply by 2.55 per cent. Nifty Realty index ended as the top gainer as it jumped nearly 3.57 per cent while Nifty Auto and Nifty PSU Bank indices closed with modest losses. Nifty IT, Nifty Pharma, and Nifty FMCG indices were up by over one per cent. India VIX cooled down by 5.56 per cent. The overall market breadth was not so bullish.    

After opening the session in the green, Nifty slipped below its prior bar low in the first half of the trading session. However, post that, Nifty staged a smart recovery and closed near the day’s high with a strong bounce-back witnessed across the sectors. Moreover, the volatility index - India VIX failed to move above the 18-mark and ended lower by over 5 per cent.   

Though the index had registered gains of nearly 1 per cent on Tuesday, it failed to close above the prior bar high. Hence, going ahead, the level of 17,630 is likely to act as immediate resistance and a move above this level should give more strength to the bulls. Meanwhile, on the downside, the zone of 17,350-17,380 is likely to act as strong support.   

On an hourly chart, the MACD has given a buy signal. The RSI took support near the level of 35 but it is still below the 60-mark. We need to watch this pullback behaviour as this gives many clues for near-future trends.