TO GET LIVE TRADING TIPS WHATSAPP ON 9039542248𖧒𖧒𖧒
Market extended its downward rally and was trading near day's low as heavy selling was seen in realty and metal stocks. The selloff was more significant in the broader market space where the Small Cap and Midcap index dropped over 2.5%. Other than Telecom all other indices are in the negative zone. Market witnessed sell off for a second consecutive session alongside, the long-term economy & market trend is intact due to further re-opening of the economy, low-interest cycle and fiscal & private spending. This correction will give leeway for value-buying, defensives and upcoming stocks & sectors that evolved from this new demand. At close, the Sensex was down 456 points at 61259, and the Nifty was down 152 points at 18266.
The market witnessed a correction and an
attempt to hold 18250. Research suggests that 18250 will be an important
support zone for to stay positive in the short term. If the market is
unable to sustain the level of 18250, it can witness the correction would
continue till the level of 18200-18100. Technical indicators suggest a volatile
movement in the market. We believe the profit booking which was witnessed today
is healthy for the market and any significant dip is a good opportunity to
accumulate quality stocks. Immediate support for Nifty is 18200. The ongoing
market correction is not an overreaction and can sustain in the near-term due
to high valuations. However, in the future Indian corporate will benefit from
the reforms & China plus one strategy which happened during 2020-21.
More
about intraday tips Whatsapp On 9039542248
Resistance: 18300, 18400, 18500
Support: 18200, 18100, 18000
No comments:
Post a Comment