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Share Market Live: Sensex rises 300 pts, Nifty above 17,750; M&M, Asian Paints top gainers

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Share Market Today: The Indian market opened higher today. Sensex rose 339 points to 59,802 and Nifty climbed 77.55 pts to 17,775 in early trade. The stock market ended higher on Friday, led by positive global cues. Sensex rose 130 points to 59,462 and Nifty closed 40 points higher at 17,699.

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Here’s a look at live market updates today.

┬а10:55 am: Expert take

Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking

“On the technical front, Nifty formed a small bodied bullish candle on the daily charts┬а with minor upper and lower shadows. The trendline resistance adjoining the highs of Oct’21, Jan’22 and Apr’22 will be the immediate resistance zone on the higher side which is around 17,750 to 17,800. A fresh breakout above the said range can extend the present rally towards 18100-18150 levels. Likewise support base has now shifted higher to 17,350 to 17,300 range. Momentum oscillator though are trading in overbought price conditions, but no signs of exhaustion can be seen yet rather had been supportive with weekly RSI breached past the 6-months falling trend line. Market breadth has seen remarkable improvement, indicating broader market participation across sectors.┬а Classical theorist can claim that there has been a falling channel breakout and is likely to head higher towards the 17,900 levels as it is 80% retracement of entire decline off October 2021 to June low (18,600-15,200).┬а Thus, during the day Nifty is likely to open on a positive note and is expected to continue its positive momentum while maintaining higher high-low formation. Hence, intraday dip towards 17,560-17,615 can be the buying opportunity for target of 18,100.”

10:06 am: Expert take

Anand James, Chief Market Strategist at Geojit Financial Services

“We are keen on opening this week with eyes set on 18200, but would remain watchful though on approach to 17835, the congestion point discussed on Friday. Inability to clear or float above the same after the initial burst could be seen as a sign of weakness setting in, but we would wait for push below 17660 before switching sides.”

9:15 am: Sensex rises 339 points to 59,802 and Nifty climbs 77.55 pts to 17,775 in early trade.┬а

8:45 am: Expert Take

Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities “We believe that, due to the temporary overbought situation, we could see range-bound activity in the near future. on the higher side, the immediate hurdle would be 17,900-18,000/(60,000-60,300 on the BSE). On the downside, 17,400-17,300/(58,500-58,200 on BSE) could be the key supports level for the positional traders. For traders, buying on dips and sell on rallies could be the ideal strategy.тАЭ

8:20 am: SGX Nifty

The Indian market is likely to open higher today as SGX Nifty rose 53 points to 17,838. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Friday

The stock market ended higher on Friday, led by positive global cues. Sensex rose 130 points to 59,462 and Nifty closed 40 points higher at 17,699. Of 30 Sensex stocks, 13 ended in the green. NTPC, Tata Steel and PowerGrid were the top Sensex gainers, rising up to 3.26 per cent. Infosys, Maruti Suzuki and L&T were the top Sensex losers, falling up to 1.56 per cent.

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