Today Sensex-Nifty recovered all its fall of the last 2 trading days and managed to close with a gain of about 1 per cent at the end of trading. Today the government presented the first economy survey of the budget in the house. In which GDP in FY23 has been estimated at 8-8.5 percent.
At the end of trading today, the Sensex closed at 58,014.17 with 813.94 points or 1.42 per cent. On the other hand, Nifty closed at 17,339.80 with a gain of 237.80 points or 1.39 percent.
Vinod Nair of Geojit Financial Services Says that taking positive signals from the global market and taking support from the Economy Survey, the market closed with a good increase on the first day of the budget. He further said that the key macro indicators included in this survey instilled confidence in the market that the country is well prepared to face the challenges of the future. The GDP growth estimate of 8-8.5 per cent for FY2023 has given relief to the market.
Know how the market may behave on the day of the budget
Sachin Gupta of Choice Broking Lets say that Technical Nifty has broken the last 3 days high and it has formed a green candle on the daily chart. Apart from this, it is also trading above the 78.6 percent retracement level. Which is indicating another support in Nifty around 16,800.
Momentum indicators like RSI & MACD are also giving positive cross overs on the periodic chart. Which is a sign of strength in the coming days. It is expected that tomorrow being the day of the budget, there may be heavy volatility in the market. Currently, Nifty has support at 17,100 and 16,800 while resistance is visible at 17,500 and 17,650. On the other hand, there is support for Bank Nifty at 37,300 while resistance is seen at 38,700.
Ajit Mishra of Religare Broking They say that tomorrow will be a very important day. All eyes will be on GDP growth figures, fiscal deficit target and disinvestment plan. Apart from this, the market will also keep an eye on announcements based on different sectors and any relief on the tax front. Along with this, the results of companies and auto sales figures can also bring volatility in the market. If further recovery is to come, then Nifty will have to stay above 17,600. If this does not happen, profit-booking may dominate the market and Nifty may go towards 16,800-17,000. Our advice is to trade cautiously in the market and hedge your positions.
Shrikant Chauhan of Kotak Securities Says Nifty has maintained higher bottom formation on intraday chart which is supporting the uptrend. The 17,425 level will be an important breakout level for the bulls. If the market remains above this level, then we will get 17,475-17,550. level can also be seen. On the other hand, if Nifty slips below 17,250, then it can also see the level of 17,100 and 17,050.
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