A hat-trick of bullishness was seen in the market today. Nifty was seen closing above 17800 in three consecutive days. Strong action was seen in PSU, sugar and fertilizer stocks. There was also buying in FMCG shares.
RIL and bank shares filled the market today. However, Tata Motors was seen slipping after CLSA’s sell-off opinion. However, in today’s trade, the performance of small-medium stocks was weak in comparison to the giants. BSE Midcap index closed flat. On the other hand, the Smallcap index closed with a gain of 0.39 percent.
At the end of trading, the Sensex closed at 59,855.93 with a gain of 672.71 points, or 1.14 per cent. On the other hand, Nifty closed at 17,805.25 with a gain of 179.55 points or 1.02 percent.
technical view
Chandan Tapadiya of Motilal Oswal says that Nifty formed a strong Bullish candle today with a long lower shadow which is indicating buy in every short fall. If now Nifty has to go towards 18000-18200 then it will have to stay above 17777. Now its support has shifted upwards towards 17600-17500.
How will the market move tomorrow?
Manish Hathiramani of Deendayal Investments Says Nifty has achieved the target of 17800-17850. Nifty may face some trouble between 17800-17900 but eventually it may look to move towards 18,050-18,100. Long positions can be taken in Nifty during any dip or intraday correction.
Sachin Gupta of Choice Broking Says that technically Nifty has managed to stay above the previous swing high of 1739.50. Which is a sign of continuation of the momentum in the coming days as well. Apart from this, Nifty has moved above Upper Bollinger Formation and 50 DAY SMA which is another sign of Bullish trend.
In the last 3 days, there has been a strong increase in the price and volume of these 4 stocks, let’s have a look
Support is visible for Nifty at 17600 while resistance is at 18000 on the upside. On the other hand, there is support for Bank Nifty at 36,300 and resistance is seen on the upside towards 37500.
Gaurav Ratnaparkhi of BNP Paribas It says that Nifty is looking ready to touch the level of 18000. The hourglass chart also indicates that the upper edge of the rising channel is also located near 18000. There is a possibility that the Nifty will be seen consolidating its recent gains around this level. Short term support is seen on the downside for Nifty around 17600-17500.
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