Today was a day full of Powerpack action in the market. It was a stormy rally in the beginning. Sensex reached the magic level of 62000 for the first time and Nifty also reached 18600. At the same time, Bank Nifty also showed a strong move and went up to 40,000 but later profit-booking came in the market. The biggest selling came in mid and small caps. Realty, FMCG and metal indices have fallen heavily during the period of profit making. Auto, pharma, banking stocks were also selling. On the other hand, there was good buying in IT stocks. IT index closed at 3-week high.
At the end of trading, the Sensex closed at 61,716.05, down 49.54 points, or 0.08 per cent. On the other hand, Nifty closed at 18,418.75, down 58.30 points or 0.32 percent.
K S Ranganathan of LKP securities It is said that today there was profit recovery in the market. However, the IT index stood firm today. Today market breadth was also weak. Meanwhile, the eyes of the market are also on the opportunities of the primary market. In such a situation, with the sell-off in FMCG, the number of shares falling in the market was more than the rising stocks. Selling was seen in many top performing midcap stocks till date. In today’s trading BSE midcap and smallcap have seen a decline of about 1 percent.
Sensex covered a distance of 10,000 points in 8 months, 53 stocks jumped 100-400% in this journey of 62000
How will the market move tomorrow
Sachin Gupta of Choice Broking says that on the technical front, Nifty has formed a long bearish candle at the top of the trend which is an indication that further reversal may be seen in the counter. However, Nifty is showing immediate support on the upper Bollinger Band formation on the daily chart. At the same time, stochastic has also touched the oversold zone on the overly chart. Immediate support is now visible for Nifty at 18,200 level. At the same time, the resistance is visible for this at 18,600.
Mohit Nigam of Hem Securities Says that after seven days of continuous uptrend, today there was a sell-off in Nifty today. Today’s correction in the market is good for this. Any fall will be a good buying opportunity in the market. Support is visible for Nifty at 18,300.
Rahul Sharma of Equity99 It is said that investors should now work with caution only by putting stoploss. Immediate support is visible for Nifty at 18350. If this level is broken then further weakness can be seen. Then the next support for Nifty will be at 18,250 and 18,200. On the upside, resistance is visible for Nifty at 18,550. To know above 18,600 Nifty has to break this level.
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