Today, the decline of 4 consecutive days in the Indian markets was seen to be restrained and the Sensex-Nifty closed in the green mark in a heavily volatile trading day. Today the market got maximum support from pharma and IT stocks. The market was still open in the red mark with weak global cues and there was a lot of volatility in it throughout the day. But the market closed near the day’s high on the back of buying in the last hour of the trading session.
At the end of trading, the Sensex closed at 53,424.09 with a gain of 581.34 points, or 1.10 per cent. At the same time, the Nifty closed at 16,013.45 with a gain of 150.30 points or 0.95 percent.
Vinod Nair of Geojit Financial Services It is said that the trend was changing in the domestic market. The market benefited from export-oriented sectors such as pharma and IT. Shares in the pharma and IT sectors remained upbeat after the rupee hit a record low. He further said that with exit polls in favor of BJP in the state elections, buying in mid and smallcap stocks also showed a return and the sentiment in the domestic market was seen improving.
Know how it will be on Wednesday
Rupak Dey of LKP Securities says that the market saw a great recovery and Nifty closed with a recovery of more than 300 points from the day’s low. Nifty has formed a Bullish Engulfing Pattern on the Daily Chart which is indicating a positive reversal in the near term. In the short term, Nifty can go upwards towards 16,200-16,400, while on the downside, support is seen at 15,800.
Sharekhan’s Gaurav Ratnaparkhi According to Nifty, today there was a gapdown opening and in intraday it also broke the level of 15,700, but then it showed a strong recovery from the bottom and at the end of trading Nifty closed in the green mark.
The overall structure of Nifty shows that it now has strong support at 15,800-15,700. It is expected that Nifty can also touch the level of 16200 in the next trading session. If Nifty sustains above this level, then this strength may increase further.
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