Today, profit-booking dominated the market for the fourth consecutive day and the market closed with a fall. However, Nifty managed to save its crucial level of 18100. At the same time, there was a great recovery in Bank Nifty in the last hour. Nifty Bank climbed 294 points to close at 40,324. The rise in public and private banks encouraged the Bank Nifty. There was also good buying in realty. Metal, Pharma, IT, Auto and FMCG remained under pressure. Mid and small caps have also been beaten. Sensex fell 102 points to 60,822 while Nifty closed 63 points down at 18,115.
Rohit Singre of LKP Securities Says that this week the Nifty has closed at the level of 18,114 with a fall of more than 1 percent. Nifty has formed a dark cloud cover candle which is a bearish reversal candle pattern. If Nifty slips below 18,000 then a short term reversal is likely.
He further said that Nifty has been making bearish candles continuously throughout this week. This is a sign that the bears at the upper levels are trying to gain a hold on the market. If Nifty slips below 18000 in the coming week, then we can also see this happening.
According to Rohit Singre, there is immediate support for Nifty in the zone of 18,000 and then 17,950. If Nifty manages to stay above 18,000 then a sharp pullback can be seen. On the upside, support is visible in the zone of 18,250-18,350 for Nifty.
How will the market move tomorrow
Mohit Nigam of Hem Securities Says that the Indian benchmark index has seen a decline for the fourth consecutive day. Metal and IT stocks have seen a sharp decline. However, buying was seen in banking and realty. Immediate support is being seen for Nifty at 18,000 level. According to our analysis, if Nifty manages to stay above 18000 then we may see a reversal in the market. In the near term, market movements will be guided by Q2FY22 results and management commentary. Apart from this, commodity prices and demand conditions in the current festive season will also reflect on the market.
Motilal Oswal’s Chandan Tapdia Says that Nifty has to stay above 18,150 level to move towards 18,300 and 18,450. On the downside, support is visible at 18,000 and 17,947.
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