Today the market closed flat on the first day of the trading week. Nifty closed in green at 17,855. Sensex also closed at 60,000 level with a slight gain of 29 points. Along with this, Nifty Bank recorded a gain of 341 points. In today’s session, good buying was seen in banking, auto, realty, hotel and multiplex stocks.
Record closing of Sensex, Nifty was seen. Nifty Bank also had a record closing. Nifty Bank has closed above 38,000 for the first time. Today there was good buying in auto, realty shares. Banking, oil-gas, power stocks also rose. There was also buying in hotels, multiplex shares. IT, Pharma, FMCG stocks remained under pressure.
Today, out of 50 Nifty stocks, 27 stocks were sold. At the same time, 17 out of 30 Sensex stocks were sold. 9 out of 12 stocks of Nifty Bank were up. Nifty has climbed 2 points and closed at 17855. At the same time, the Sensex climbed 29 points and closed at 60,077. Nifty Bank climbed 341 points to close at 38171. Midcap has climbed 9 points to close at 30152. On the other hand, the rupee showed weakness today against the dollar. Rupee weakens by 14 paise to close at 73.84 against dollar today.
Vinod Nair of Geojit Financial Services Says that due to profit recovery in IT, Pharma and FMCG sectors, the domestic market was not able to hold its momentum today and closed flat in volatile trade. Realty stocks continued to rally on positive developments in the sector. At the same time, auto stocks were also seen running on the expectation of good sales figures for September. The market is also awaiting core sector output for August and manufacturing PMI data for September.
technical view
Nifty today formed a bearish candle with longer lower shadow on the daily scale which indicates that buying is on the downside. Chandan Tapadiya of Motilal Oswal says that Nifty has to stay above 17,800 to move towards 18,000. On the downside, support is visible at the level of 17777 -17650.
Rohit Singre of LKP Securities Says that Nifty opened with a boom today but did not manage to maintain its edge and profit-recovering dominated in it. But Nifty closed at 17855 today and it formed a bearish candle for the second day in a row. A strong base has been formed for Nifty around 17800-17740. If it stays above this, the Nifty will continue the bullish phase. Any downside near this level should be considered as an opportunity to buy fresh. For this, put a stop loss of 17,700. For Nifty, a hurdle is seen on the upside at 17,930 and then at 18,000 level. Take some profit around these levels.
Ashish Biswas of CapitalVia Global Research Says that after the Nifty touched the level of 17,850, some volatility was seen in the market. For Nifty to move towards 18,000, it has to stay above 17,850.
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