The market managed to close in the green today amid heavy volatility. Buying was seen in bank and metal shares in today’s trade. The same decline in power, energy, realty stocks dominated. Let us inform that the meeting of MPC on credit policy has started from today.
At the end of trading, the Sensex closed at 57,808.58 with a gain of 187.39 points, or 0.33 per cent. On the other hand, the Nifty closed at 17266.75 with a gain of 53.15 points or 0.31 percent.
In today’s trade, 17 out of 30 Sensex stocks saw buying while 29 out of 50 Nifty stocks were up. On the other hand, selling pressure dominated the small-medium stocks and the BSE Mid and Smallcap index fell 0.45 -1.40 percent.
Tata Steel, Bajaj Finance, Divis Labs, Reliance Industries and Bajaj Finserv were the top gainers of Nifty in the market. On the other hand, ONGC, Power Grid Corporation, IOC, SBI Life Insurance and Tata Consumer Products were the top losers of Nifty.
Today there was a long buildup in GNFC, Bank of Baroda and SRF. On the other hand, Tata Power, Indiabulls Housing Finance and Gujarat Gas saw short built-up.
Those gainer and loser stocks of today’s business, which were the biggest movement, know the reason behind them?
How will the market move on Wednesday
Manish Hathiramani of Deen Dayal Investments Says Nifty has broken yesterday’s low and showed sharp recovery from the level of 17,100. If Nifty breaks the level of 17100 on the downside on closing basis, then it can slip towards 16800-16850.
On the other hand, there is resistance on the upside at the level of 17600. For the market to rise, Nifty has to break its resistance level and close above it.
Metaphor Day of LKP Securities It says that as long as Nifty is able to hold the level of 17,000, then it will see recovery. At the upper level, there is a registration for it at 17330. If Nifty manages to cross its 17300, then it will see a new rally.
Shrikant Chauhan of Kotak Securities He says that there is no sign of global tensions subsiding yet. In such a situation, if there is any increase in the prices of crude oil, then it can have a negative effect on the Indian market. Nifty has formed a hammer formation on the daily chart, which is further indicating that the direction of the market is not clear.
Nifty can be seen trading in the range of 17100-17400 in tomorrow’s trade, while the level of 17150 will be an important support level for it. If Nifty goes above 17150, then we can see the level of 17350-17400 in it. If Nifty slips below 17150 then Nifty can slip us towards 17100-17075.
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