The market fell for the second consecutive day. The Sensex lost about 250 points but even in the weak market, Nifty managed to save the level of 17700. Power, Realty, Metal showed their strength in the market today. The Power Index closed at an 11-year high. Mid and small cap stocks had a good rally today. But Auto, FMCG created pressure.
28 out of 50 Nifty stocks were up. 18 out of 30 Sensex stocks declined. 6 out of 12 stocks of Nifty Bank were up. Nifty closed at 17711 today, down 37 points. At the same time, the Sensex closed at 59,413, down 254 points. Nifty Bank closed 202 points lower at 37743. While the midcap climbed 322 points to close at 30274. The rupee also saw weakness today against the dollar. Rupee weakens by 11 paise to close at 74.15 against 74.04 against dollar today.
Vinod Nair of Geojit Financial Services Says that the Indian markets started with weakness today amid global selling on Tuesday and rising crude prices. The rise in the US Treasury yield and the slowing economy showed their effect on the market. However, during the day’s trading, the European and American markets showed improvement and crude prices also appeared to be stabilizing. Due to which there was recovery in the country’s growth oriented sectors like Energy, Metals and Pharma. But selling in private banks and consumption stocks continued.
technical view
Nifty formed a small bullish candle on the Daily Scale today with longer shadows on either side. This is a sign that there is a tussle between the Bulls and the Bears. Motilal Oswal’s Chandan Tapdia It says that Nifty will have to stay above 17700 to know in the zone of 17,850 -18,000. For this, support is visible in the zone of 17,600-17,580.
How will the market move tomorrow?
Sachin Gupta of Choice Broking Says that after a weak opening, Nifty managed to close above 17,700 with maximum recovery. Nifty has seen a slight decline of 0.2 percent in today’s trade. At the same time, Bank Nifty closed at 37,743 with a fall of 202 points.
Technically the index is revolving above the middle Bellinger Band formation. Simultaneously, it is moving above the 50-SMA. Which is indicating a bullish pattern in the counter. Its Stochastic has also witnessed a positive crossover for the index. Immediate support for Nifty is at 17500. At the same time, the resistance is visible at 17,900/17,950.
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