On 7 April, the Indian markets closed in the red mark for the third consecutive day. Sensex and Nifty have seen a fall of about 1 per cent due to selling in almost all sectors except pharma. At the end of trading, the Sensex closed at 59,034.95, down 575.46 points, or 0.97 per cent. On the other hand, Nifty closed at the level of 17640, down 168.10 points or 0.94 percent.
Vinod Nair of Geojit Financial Services It is said that a day before the RBI policy, volatility has been seen increasing in the market. Recent sectoral outperformers such as metal, power and oil and gas stocks are among the worst hit today. Mid and smallcap have also been beaten up. He further said that if tomorrow’s RBI announcements are in line with the market’s expectation (ie, if rates do not change and inflation estimates remain marginally above and at the same time if a strong economic outlook is projected) then the market A positive trend can be seen in
How will the market move tomorrow?
Sameet Chavan in Angel One It says that for the coming trading session, Nifty is seeing support at 17,550 and 17,400 and till Nifty does not go below these levels, then the strategy of buying on the downside should be maintained. On the upside, resistance is visible for Nifty at 17,800 and 17,900. After the Nifty crosses the level of 17,900, it may rise further.
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Choice Broking’s Palak Kothari Says that technically Nifty faced resistance on Upper Bollinger Band formation and is seen trading below it which is a sign of weakness in the counter. Nifty has also covered its weekly gap and slipped below last week’s closing. The momentum indicator RSI has slipped from the overbought territory but the MACD is still showing a positive crossover on the daily scale. Nifty has formed a Bearish Marubozu candlestick on the 4-hours chart, which is giving a bearish signal for the coming day.
Support is visible for Nifty at 17,430. At the same time, the resistance is visible for it at 17,800. While on the other hand there is support for Bank Nifty at 36,850 and resistance at 38,000.