Nifty continued its downtrend for the third consecutive session. Traders alerted before RBI’s monetary policy with a fall of almost one percent on 7 April. On the other hand, the decline in Asian markets also affected the trends of Dalal Street. The index formed a bearish candle on the daily chart and closed down 168 points at 17,639 today.
Market experts said Nifty defended 17,600. This level can act as a support. But if this level is broken in the coming session, then it will see increasing selling pressure in it.
Mazhar Mohamed of Chartviewindia said “The bulls have failed to find support in the bullish gap zone of 17,791 and 17,700. This suggests that Nifty may see a short term downswing.
If Nifty falls below 17600 in the next session, the downside may extend to 17400 levels. However, it can also get support at this level.
Mohamed said that the market has moved downwards for the last three sessions. It is likely to remain somewhat near 17,600. Sideway consolidation can be expected in Nifty if stability remains visible.
He said that for the time being, before making long in it, one should wait till it shows strength.
These 2 multibagger stocks showed strong growth before the record date of interim dividend
Banking Index (Bank Nifty)
Bank Nifty played a big role in the fall of the last two days but it remained cold on 7th April. Back Nifty opened negative at 37,422. It took support near 37,350. It recovered the level of 38,000 in the first half. However, it failed to maintain its lead and was reduced to 37,500 in the second half.
Bank Nifty closed 75 points lower at 37,557. It formed a bullish candle on the daily scale as it closed above its opening level.
“Now for it to move towards 37,750 and 38,000 levels, it needs to stay above 37,500. However, support can be seen at 37,350 and then 37,000 levels,” said Tapadiya.
He said that if we talk about stocks, then today in Bharat Electronics, Godrej Consumer Products, Piramal Enterprises, AU Small Finance Bank, Hindustan Aeronautics, Axis Bank, Info Edge, Lupine, LIC Housing Finance, United Breweries, ICICI Bank, HUL and Siemens Looks like a positive set up.
On the other hand, Nippon Life India, Dixon Technologies, Titan, Indian Energy Exchange, L&T Technology Services, United Spirits, L&T Infotech, Coforge, TCS, Mphasis, Bajaj Finserv and ACC etc. saw weakness.
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