There is a sell-off in the market before the weekly expiry. There was profit-booking in the recent gains even today. The midcaps were hit the most. Midcap index closed at 2-week low. Midcap fell 692 points to close at 31,478. There was heavy selling in PSE, Realty, Metal stocks. Auto, pharma, FMCG and IT stocks showed pressure. Light buying was seen only in public sector banks and media stocks. Sensex fell by 456 points and Nifty fell by 152 points.
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39 out of 50 Nifty stocks fell. At the same time, 22 out of 30 Sensex stocks were sold. 6 out of 12 stocks of Nifty Bank were up. Sensex closed at 61,260, down 456 points. At the same time, Nifty closed 152 points lower at 18,267. Nifty Bank closed 22 points lower at 39,518. Midcap fell 692 points to close at 31,478.
Vinod Nair of Geojit Financial Services It says that the current correction in the market is not over reaction but it is a natural correction due to high valuation. This may continue for now in the near term. However, in the future, Indian companies will benefit from the reform measures taken by the government and the China Plus One strategy launched during the financial year 2020-21.
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He further said that the economy will benefit from the reopening of the economy, the era of low interest rates and increasing expenditure of the private sector along with physical. As a result, the long term outlook remains strong. He also said that in this correction there is an opportunity to buy good stocks which are available cheaply. Apart from this, there are also good opportunities to invest in defensive and new type of demand related stocks.
How will the market move tomorrow
Mohit Nigam of Hem Securities Says that the market was under selling pressure for the second consecutive day today. This correction is good for the market. Should buy quality stocks in any downtrend. Immediate support is seen for Nifty at 18,100.
Palak Kothari of Choice Broking Says that on the technical front, Nifty has confirmed the bearish engulfing candle pattern which is indicating weakness in the coming trading session. Immediate support is seen at 18,200 for Nifty, while resistance is seen on the upside at 18,600.
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