Today the market has seen a great recovery from the lower levels. NIFTY has reached near 18100 level. In today’s business, public sector banks, cement and logistics stocks have shown strength. HDFC, INFOSYS, KOTAK BANK and BAJAJ FINANCE added enthusiasm to the crowd.
In today’s trade, more than 250 stocks hit 52-week highs on BSE. This includes the names of Union Bank of India, Phoenix Mills, L&T and HDFC.
At the end of trading, the Sensex closed at 60,545.61 with a gain of 477.99 points, or 0.80 per cent. On the other hand, the Nifty closed at 18,068.55 with a gain of 151.75 points, or 0.85 per cent.
S Ranganathan of LKP Securities Says that in today’s volatile market, the pressure of the bulls was seen. Good buying was seen in all sectors like cement, consumer durables and PSUs. Along with the giants, mid and smallcap stocks made a good comeback. Good buying was seen in IT Stock, Exchange and Gold Loan related stocks.
There was tremendous action in mid and small cap stocks. The impact of good festive season was seen in many stocks. BSE Midcap today closed with a gain of 1.2 per cent. On the other hand, the smallcap index closed with a gain of 0.78 percent.
technical view
Chandan Tapadiya of Motilal Oswal says Nifty formed a Bullish Hammer candle with Long Lower Sands on Daily scalp today. Now if Nifty has to stay above 18000 to go above 18150 and 18350. On the downside, strong support is visible for Nifty at 17850-17777.
Shrikant Chavan of Kotak Security It is a matter of concern that Nifty is still trading below 20Day SMA. We believe that the 18100 level will be the next intraday breakout level for the day trader. If Nifty goes above it, then a rally of 18150-18200 can be seen. On the downside, there is strong support for Nifty near 17900. If Nifty breaks this level on the downside, then further weakness can be seen in it.
Ajit Mishra of Religare Broking Says that the rise in the global market amid mixed global domestic signals has given relief to the market. However, it would be too early to call it a trend revel. He further said that since the festival season is over. In such a situation, the focus of the market will be on the results of the companies. Apart from this, the market will keep an eye on IIP and CPI domestic macro data. Apart from this, the eyes of the market will be on global cues. For Nifty to show strength, it has to stay above 18100. If this does not happen then consolidation will continue in the market.
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