In the trading of Tuesday i.e. yesterday, the market had seen a rise for the third consecutive day. Nifty 50 index had closed at 17,805 level by 179 points yesterday. At the same time, BSE Sensex closed at 59,855 with an increase of 672 points. At the same time, Bank Nifty closed at the level of 36,840 with an increase of 418 points.
Talking about today, the market seems to be making a big jump. The market is looking at the high of 7 weeks by making a bullish square. Nifty is looking beyond 17 thousand 850. The market is getting strong support from banking and finance. Sensex is also looking beyond 60 thousand. There is tremendous strength of 500 points in Nifty Bank. But midcap is trading flat.
After the strong update of the third quarter, there is good buying in Bajaj Finance. AU SMALL FINANCE BANK has also jumped 7%. The Q3 disbursement of the bank has seen a growth of 58% on a quarterly basis. Fertilizer stocks seem to be in action ahead of the budget. The NFL has run 5 percent. FACT and RCF are up more than 2%. DEEPAK FERTILISER ran 13% this week.
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Cement stocks are showing good strength. JK LAKSHMI CEMENT NCL IND and INDIA CEMENTS have climbed up to 2%. All three stocks have given strong returns of 6 per cent this week.
Today money is being made in paper stocks. Seshasayee Paper has jumped 12%. There is an increase of up to 5 percent in Malu, Star Paper, TNPL and JK Paper.
Market experts say that the current market pattern is showing signs of further upside. Nagraj Shetty of HDFC Securities says that there are bullish signs for the Nifty in the short term. The next target for NSE Nifty is 18,200. This target can be seen to be achieved in the next 1 week. Immediate support for Nifty is seen at 17,650.
Sumit Bagdia of Choice Broking It says that Nifty metal index has given a break out at 5600 level on closing basis. In the short term, it may look to move towards 6000 and 6200. Keeping this in mind, traders would be advised to keep an eye on the metal stocks. The next rally in the market is expected to be led by banking and metal stocks.
Intraday call by Sumit Bagadia of Choice Broking
Welspun Corp: Momentum buy at current price, target -195 -200, stop loss – Rs 177
Gujarat Alkalies: Buy at current price, target – Rs 690-700, stop loss – Rs 650
Intraday Call by Avinash Gorakshakar of Profitmart Securities
turns: Buy – Rs.1246, Target – Rs.1285, Stop Loss Rs-1225
CONCOR: Buy – Rs.628, Target – Rs.655, Stop Loss – Rs.613
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