Taking Stock –Today, there was strong buying in the Indian market for the second consecutive day. Except metal, all sectors closed in the green. At the end of trading, the Sensex closed at 54,647.33 with a gain of 1223.24 points, or 2.34 per cent. On the other hand, Nifty closed at 16,345.35 with a gain of 331.90 points or 2.07 percent.
The market opened on a strong note today amid mixed global cues and as the trading day progressed, it was reported that Ukraine would not seek NATO membership. After the arrival of this news, the market seemed to rise and rise.
K S Ranganathan of LKP securities It is said that after the President of Ukraine stubbornly withdrew from the membership of NATO, Dalal Street once again saw a boom. With the threat of COVID almost over, short covering has been seen in the market. The exit poll results have also fueled the market. In today’s trade, the Sensex Nifty was seen jumping up to about 3 percent in the afternoon trend. At the end of the business, both of them managed to close with good gains.
He further said that the domestic investors who have kept their faith in the policies of the government will now keep an eye on rising crude oil prices, commodity prices, inflation and corporate earnings.
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How will the market move on Thursday
Mohit Nigam of Hem Securities Says that despite the continued rise in crude oil prices, buying was seen in almost all the sectors of BSE today. With Ukraine’s president abandoning his insistence on joining NATO, investors have started buying stocks that have hit the beaten track. Simultaneously, selling by foreign institutional investors has been seen to be offset by domestic funds.
Technically speaking, the first support for Nifty is at 16,100 and the first resistance is at 16500. Whereas the first support for Bank Nifty is at 33,200 and the first resistance is at 34,500.
Sachin Gupta of Choice Broking It is said that before the results of the elections of Uttar Pradesh and 4 states coming on March 10, Sensex and Nifty saw an increase for the second consecutive day. Nifty has confirmed Bullish Engulfing Breakout on Daily Chart which is a sign of bullish momentum in the near term. Nifty took support at Lower Bollinger Bands today and then will see an upward move.
Nifty has formed a rounding bottom on the hourly chart and a positive rollover has been observed in RSI & Stochastic. Support of 16200-16000 is visible in Nifty while resistance is visible at 16770. On the other hand, there is support for Bank Nifty at 35200 and resistance at 34,500.
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