On the first day of the trading week, banking stocks were lit in the market today. On the basis of the results of ICICI Bank, there was a strong rise in Bank Nifty and Bank Nifty closed at a record high. Nifty Bank climbed 869 points to close at 41,192. Along with the bank, there was also buying in finance shares. On the other hand, trading was flat in Nifty today. Along with mid cap and small cap also selling dominated. Midcap broke more than 500 points. Realty, auto and IT stocks created pressure.
Nifty climbed 10 points to close at 18,125. At the same time, the Sensex climbed 145 points to close at 60,967. Nifty Bank climbed 869 points to close at 41,192. Midcap fell 529 points to close at 30,553.
Rakesh Jhunjhunwala re-entered this realty stock, gave 225% return in one year
Vinod Nair of Geojit Financial Services says that the market started with weakness today but strong support from banking stocks acted to remove the pressure from the market and the market appeared to be flat after recovering from the fall. Improvement in asset quality and business strength in the second quarter fueled the sentiment in bank stocks.
How will the market move tomorrow
Rohit Singre of LKP Securities Says that there is good support for Nifty near 18,030-17,970. If Nifty sustains at this level, the pull back may extend further. Any fall around the support zone would be a good buying opportunity. On the upside, resistance is visible in the zone of 18,225-18,300 for Nifty. If you know above 18,300, you can see a new rise in Nifty.
Shrikant Chauhan of Kotak Securities Says that the short term structure of the market is looking weak. But if Nifty sustains at 18,000-18,050 then a sharp pull back rally cannot be ruled out. The 18,050 level will act as an important support for day traders. If Nifty manages to stay above this, then we can also see the level of 18,250-18,310. On the other hand, if Nifty slips below 18,050 then further weakness can come.
Correction in the market after touching historic highs, these stocks will make huge profits in the next 3-4 weeks
Rajesh Palviya of Axis Securities Says that the level of 18,300 on the upside is very important for Nifty. If it sustains above this level, then we may also see 18,500-18,700 levels. On the other hand, on the downside, if Nifty breaks the intraday support level of 18000, then we can see a correction up to 17,800-17,600. The daily strength indicator RSI has turned lower from the overbought zone, which indicates profit-booking at higher levels.
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