Amidst heavy volatility, the market has managed to close in the green for the fourth consecutive day today. Today the market opened with a fall amid weak global cues. As the trading day progressed, there was a recovery in the market and it was seen trading in a range throughout the day. At the end of trading, the Sensex closed at 55,550.30 with a gain of 85.91 points or 0.15 per cent. On the other hand, Nifty closed at 16630.45 with a gain of 35.55 points or 0.21 percent.
K S Ranganathan of LKP securities Says that the market was seen trading in a range today amid reports of rising cost pressure on companies, rising inflation across the world and decline in auto sector’s wholesale sales. However, pharma stocks were seen swimming upstream. Health Care Index showed good strength today. Apart from this, buying was also seen in small-medium stocks. Sugar stocks have seen a rise after the election results of the states. Apart from this, paper stocks also remained in demand today due to increase in prices.
How will the market move on March 14?
Sachin Gupta of Choice Broking Says that after opening with weakness, there was a recovery in Sensex-Nifty today and it managed to maintain its gains throughout the day. From a technical point of view, the index was seen trading in a narrow range today and formed an inside bar candlestick on the daily chart. Besides, the index is trading below the middle Bollinger Band formation which is indicating further resistance near the 16,850 level.
Currently, support is visible for Nifty at 16,350. At the same time, the registration is visible on 16850. On the other hand, support is seen for Bank Nifty at 33,700. At the same time, the resistance is seen at 35,000.
Sahaj Agarwal of Kotak Securities Says that the Nifty has seen a strong bounceback from the structural value level of 15,900. This indicates that the buy strategy will be seen to be working on the downside in the near term. The March series is expected to trade with a positive trend for the first target of 17,100-17,200.
Despite the recent decline, this top fund manager is bullish on the Indian stock market, know what is its opinion on the market
There are also good signs for the broader market. Currently, the risk-reward ratio of NBFC and FMCG sector is looking quite good while metal stocks remain in the high volatility zone. This will make it difficult to estimate the risk in them.
,