On the day of the last expiry of the year, trading was seen in the market in the range. Nifty managed to stay above 17,200. Today, there was a strong rise in the stocks of IT and Pharma sector. In today’s trade, 15 out of 30 Sensex stocks saw selling, while 28 out of 50 Nifty stocks dominated selling. On the other hand, selling was seen in 5 out of 12 stocks of Nifty Bank. Today the rupee strengthened by 33 paise to close at 74.41.
At the end of trading, the Sensex closed at 57,794.32 with a marginal decline of 12.17 points, or 0.02 per cent. On the other hand, Nifty closed at 17,203.95, down 9.65 points or 0.06 per cent.
technical view
Chandan Tapadia of Motilal Oswal Financial says that Nifty is making doji candle for the last 2 trading sessions and looks tied in the range of 17150 -17300. Now Nifty will have to stay above 17,150 to move into the zone of 17,300 -17350, while on the downside, support is visible in the zone of 17100-17000.
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How will the market move tomorrow?
Sachin Gupta of Choice Broking On the technical front, Nifty seems to be trading in a falling channel formation. On crossing its upper end, Nifty may see further gains. Apart from this, Nifty is trading above 21 and 50 HMA, which shows signs of strengthening. Apart from this, momentum indicators like Stochastic & MACD are also trending with positive cross overs on the daily time frame. Currently there is support for Nifty at 17000 while resistance is visible at 17300. If Nifty breaks this resistance of 17000, then it can see us moving towards 17,400-17,500.
On the other hand, there is support for Bank Nifty at 34,500 while resistance is visible at 35,500.
Mohit Nigam of Hem Securities It says that from a technical point of view, the overall structure for Nifty 50 looks positive. Nifty managed to stay above 17200 on closing basis which is a positive sign. We believe that Nifty may see a rally of 200-300 points in the near term. Immediate support for Nifty at 17000 and resistance at -17400. The same is the support for Bank Nifty at 34,500 and immediate resistance at 35,500.
Rahul Gupta of Emkay Global Financial Services It says that the level of 17600 is very important for Nifty going forward. If Nifty crosses 17600 then new rally will be seen in it. On the other hand, if it goes below 16800, then more selling will be seen in it. In such a situation, we can see Nifty trading in the range of 16800-17600. There are two things that need to be kept in mind for the market going forward. The first of these is the status of the transition of the new variant Omicron of Corona and the second is the policy of the US Fed. The US Fed has already announced a 3 rate hike in 2022.
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