Indian markets have made a smart pull-back, supported by the positive global set-up and a decent start to the Q1FY22 earnings season. Markets are clearly rewarding the stocks/sectors where the earnings momentum is strong (such as IT - especially midcap IT, Cement, Metals) or where growth visibility remains good (such as Chemicals, Healthcare, etc.). At close, the Sensex was up 638 points at 52837, and the Nifty was up 191 points at 15824.
We witnessed a swift recovery in the market from the lower levels and an attempt to sustain above the Nifty 50 Index level of 15800 While sustaining above 15800 is the key factor from a short-term perspective, we expect the market to extend the rally till 15920-15950. On the sectoral front all the major sectors have shown strength in the market. It is going to be crucial for the short-term market scenario to sustain above the 15800 Nifty50 Index level. Technical indicators suggest, a volatile movement in the market in a small range. The traders to refrain from building a fresh buying position, until the market sees any further decisive movement.
More about intraday tips Whatsapp On 9039542248
Resistance: 15900, 16000, 16100
Support: 15800, 15700, 15600
No comments:
Post a Comment