A smart recovery was visible in the Indian markets today and it made up for the entire decline of the previous trading session. Sensex-Nifty closed with a gain of about 2 per cent today due to all-round buying. There was a gap-up opening in the market today and it remained in positive territory throughout the day. The market closed near the day’s high today. At the end of trading, the Sensex closed at 56,816.65 with a gain of 1,039.80 points, or 1.86 per cent. On the other hand, Nifty closed at 16,975.30 with a gain of 312.30 points or 1.87 per cent.
Neeraj Chhadawar of Axis Securities According to Neeraj Chadawar, with the positive signal from Wall Street, there was a strong jump in the Indian markets today. The softening of crude oil prices also boosted the market sentiment. Apart from this, the news of progress in peace talks with Russia and Ukraine also boosted the market sentiment.
He further said that the market is now eyeing the decision of the US Fed meeting as the current geopolitical development is adding to the inflationary pressure on the global market. In such a situation, it is very important to know what is the stand of the Central Bank. It is expected that the US Fed’s first priority will be controlling inflation. Till the time the market conditions are not completely clear, we will see volatility.
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Sahaj Agarwal of Kotak Securities Says that Nifty saw a strong recovery today. It looks like this uptrend will continue in the medium term. Now resistance is visible for Nifty at the level of 17,200-17,300. On the downside, there is support at 16,500-16,600. At this point of time in the market, the focus should be on the buying strategy. Buying advice will be given under this strategy in cement, NBFCs and consuming stocks. On the other hand, metal stocks may see consolidation with heavy volatility.
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Rahul Sharma of Equity 99 Says that after yesterday’s fall, there was a good recovery in the market today. Tomorrow we may see volatility due to weekly expiry. Apart from this, the effect of the decisions of the Fed meeting will also be visible on the market. There is a strong support for Nifty at 16900, if this support breaks, then the next support is at 16,800 and then the third support is seen at 16,750. While the first resistance is seen on the upside at 17,050. After that 17,110 is the next hurdle and if this level is also broken then we can see Nifty going till 17,200.
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