Today, on the day of weekly expiry, there was profit booking in the market. This was the third consecutive day when the Sensex and Nifty closed with a fall. Sensex closed 634 points lower at 59,465 while Nifty closed 181 points lower at 17,757. Bank Nifty fell by 191 points today and closed at 37,851. Today, IT and Pharma stocks were the top sellers while Auto, FMCG and Oil-Gas stocks created pressure. However, even in the midst of the fall, there was buying in power, metal and realty stocks. On the other hand, shares related to sugar and education also remained in demand.
In today’s trade, 22 out of 30 stocks of Sensex dominated selling, while 35 out of 50 stocks of Nifty saw a decline. 8 out of 12 stocks of Nifty Bank dominated the fall. Today the rupee weakened by 7 paise to close at 74.50 against the dollar.
Ajit Mishra of Religare Broking Says that the market remained under pressure for the third consecutive day and closed with a fall of about 1 percent. Since the beginning, the market was in negative tone today amid weak global cues. The weakness appeared to deepen as the trading session progressed. However, there was some recovery in the last hour of trading.
He further said that in today’s business almost all the sectors closed in the red mark. In this also IT, FMCG, Banking and Pharma should be top losers.
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technical view
Chandan Tapadiya of Motilal Oswal says that Nifty made a bearish candle on Daily Scally and made lower loss for the third consecutive day. As long as Nifty remains below 17,850, there will be a possibility of weakness and it may touch the level of 17650-17500 on the downside. On the upper side, resistance is visible for Nifty at 18,081.
How can the market move on Friday
LKP Securities के Rupak De Says that today Nifty remained below 100EMA throughout the trading session, which is a sign of weakness in the near term. As long as Nifty remains below 17900, it will remain weak. On the downside, support is visible towards 17,610.
Sachin Gupta of Choice Broking Says that from a technical perspective, the index has broken 700 points in the last 3 trading sessions and the Bearish Engulfing Pattern is indicating further decline on the daily chart. However, in the recent candle, Nifty has taken support at 38.2 percent RL of its previous rally. Apart from this, Nifty did not manage to stay below the 21 Day SMA. Which is an indication that there is support for Nifty around 17,640, if this support breaks, then a decline of 17400-17300 can be seen.
There is support for Nifty at 17640 and then at 17500, while resistance is visible for it at 18000. Whereas Banknifty has support at 37500 and resistance at 38400.
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