Nifty appeared to be under pressure during the entire session on 11th April. The market witnessed a cautious trend on weak global cues and the results of IT company TCS. IT, financial services, FMCG, auto stocks and some banking stocks played a role in the fall in the market. Due to this, the Nifty closed 109 points lower at 17,675 after hitting an intraday high of 17,779 and a low of 17,651.
The index closed below the opening level. This formed a bearish candlestick on the daily chart.
Mazhar Mohammad of Chartviewindia says “Indices are likely to remain volatile going forward as technical trends are mixed at this point of time. However, as long as the bulls manage to hold the 17,600 level, Nifty will trade sideways with a positive trend.” In this situation, it can be seen moving strongly towards 18,100.
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If the index breaks the 17,600 level on closing basis, then further weakness will be seen. After this it can slip up to 17,400- 17,350. Some important support can be seen at these levels.
Option data indicated that Nifty may see a broad trading range of 17,400-18,000 in the coming sessions.
Chandan Tapdia of Motilal Oswal Financial Services said Ambuja Cements, Hindustan Aeronautics, Torrent Power, ACC, Syngene International, Grasim, Bata India, Adani Ports, Bharat Electronics, Vedanta, DLF, Page Industries, JSW Steel, Ashok Leyland, UPL, Positive set up was seen in Chambal Fertilizers and ICICI Bank.
He further said that weakness was seen in L&T Technology Services, Pidilite Industries, HCL Technologies, L&T, Infosys, Wipro, L&T Infotech, ICICI Lombard General Insurance and Coforge.
Banking Index (Opinion on Bank Nifty)
Today Bank Nifty opened negative at 37,592 and slipped towards 37,500 in morning trade. It managed to stay in the immediate support zone making higher lows in the last two sessions and is seen moving towards 37,950.
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It closed 138 points down at 37,614. This created a Doji candle on the Daily Scale.
Tapadiya said “It is stuck in a trading range and it is seeing a tug of war between the bulls and bears to stay or break above 37,777 levels. Now move above 37,500 to move towards 38,000 and 38,250.” Have to stay strong. Support can be seen in the 37,400 and 37,300 zones.
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