Today the market closed flat before the weekly expiry. Nifty closed in red mark at 17,550 level. The Sensex also closed at 58,927 with a gain of nearly 80 points. Along with this, a fall of 291 points was recorded in Nifty Bank. In today’s session, good buying was seen in realty, auto, metal, hotel and multiplex stocks. While banking, FMCG and oil-gas stocks remained under pressure.
Midcap and small cap stocks were also buying. Small-medium stocks outperformed the giants in today’s trading. Realty stocks were the biggest gainer. The realty index closed at an 11-year high.
Auto, metal stocks were also buying. Hotel and multiplex stocks were also seen in the red. However, there was a selloff in banking stocks. Along with this, FMCG and oil-gas stocks were also under pressure. Nifty closed at 17547 today, down 15 points. Sensex closed 78 points lower at 58,927. Nifty Bank closed 291 points lower at 36,944. At the same time, the midcap climbed 491 points to close at 29,934.
Today, out of 50 Nifty stocks, 27 stocks were buying. At the same time, 17 out of 30 Sensex stocks were up. 7 out of 12 stocks of Nifty Bank declined. However, the rupee remained weak against the dollar today and it closed at 73.87 against the weak 73.61 by 26 paise.
technical view
Chandan Tapadia of Motilal Oswal says that Nifty today formed a small bearish candle on the daily scale and closed flat but kept revolving around the high of its previous session. Now Nifty will have to stay above 17,500 to know in the upward zone of 17,650 -17,777.
How will the market move tomorrow
Rohit Singre of LKP Securities says that Nifty was seen trading in a very narrow range today and closed at the level of 17547 with slight weakness. Today it also created a small bearish candle on the daily chart.
Support is visible in the zone of 17,500-17,430 for Nifty. Any dip found around these levels will be a good buying opportunity. For this, put a stoploss below 17,450. On the other hand, for Nifty on the upside, resistance is seen in the zone at 17,600-17,660. The overall range of Nifty is still between 17,300 and 17,800. A breakout coming from either side will decide its direction.
Ashish Biswas of CapitalVia Global says that there was some lethargy in Nifty today and it was seen trying to hold 17,500. In the short term, it will be important for the market to stay above the support zone of 17,450-17,500. If Nifty manages to stay above it, then it can be seen moving towards 17,850. Momentum indicators like RSI and MACD are also indicating that the market breadth will improve further.
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