The market opened with a strong rally today amid mixed global cues. At present, the Sensex is seen at the level of 57,609.45 with a gain of 332.51 points or 0.58%. At the same time, Nifty is seen at the level of 17,208.30 with a gain of 98.15 points or 0.57%.
Good Result of PNB, RBL Bank
PNB’s results in the third quarter have been better than expected. The profit of the bank increased by 122% to 1127 crores. There has also been an improvement in asset quality. At the same time, the results of RBL Bank have also been better than expected. The PROFIT of the bank has increased by 6%. NPAs have also come down. In 1 month, PNB has grown by 10% and RBL Bank by 20%.
Sensex-Nifty is trading in green in pre-opening amid mixed global cues. L&T and Kotak Bank are in focus. At present, the Nifty is seen around 17208 with a gain of 98.15 points or 0.57 percent. At the same time, the Sensex is seen at the level of 57,682.43 with a gain of 405 points or 0.71 percent.
First day of February series, global cues mixed
Global cues look mixed on the first day of the February series. Asia has got off to a positive start. But SGX NIFTY is down a quarter percent. DOW FUTURES has gained 160 marks due to better than expected results of APPLE. However, yesterday the US markets slipped from higher and closed due to weak guidance from TESLA.
how was the market yesterday
On January 27, the market closed with a fall of 1 percent, losing all the gains of the previous day. Yesterday was also the expiry day of January derivatives contract. Nifty IT index saw the biggest (3.55 per cent) fall in yesterday’s trade. After this, there was a decline of 1-2 percent in FMCG, Pharma, Realty. In yesterday’s trade, there was heavy selling in small-medium stocks too. Nifty Midcap was down 1.05 per cent and the Smallcap index was down 0.73 per cent yesterday. Continuous selling of FII, Hawkes commentary by US Fed and rising crude oil prices showed their impact on the market sentiments. BSE Sensex closed 581.21 points down at 57,276.94 in yesterday’s trade. So Nifty50 index fell 167.80 points to close at 17,110.20 level. Yesterday’s closing was above the opening level, due to which Nifty formed a bullish candle on the daily chart.
How can the market be today?
Vidnyan Sawant of GEPL Capital says that Nifty is maintaining the lower top lower bottom formation of the daily chart. However, it has managed to stay above 17,000 for 3 consecutive trading sessions. For Nifty, resistance is visible at 17,450 and 17,776 and support at 16,836. The index is showing early signs of a bottom out near 17,000. In this, pull back can be seen towards 17,450-17,776. On the other hand, if Nifty slips below 16,836, then we can see it going towards 16,600 – 16,410.
Key support and resistance levels for Nifty
The first support for Nifty is located at 16,923.83 and after that the second support is located at 16,737.47. If the index turns upwards, then it may face resistance at 17,239.53 then 17,368.87.
The first support for Nifty Bank is located at 37,280.33 and after that the second support is located at 36,578.56. If the index turns upwards, then it may face resistance at 38,415.73 then 38,849.37.
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