FOR GETTING LIVE UPDATES WHATSAPP ON 9039542248
Market ends in the green despite negative headwinds short-sellers seen getting squeezed. The positive takeaway from today’s trading session was that after a gap-down opening, index lacked follow-through on the sell-side and most importantly, recouped all its losses and finished with decent gains led by fresh buying in select pharma and private banking shares. IT stocks also logged notable gains. Market erased previous session losses and ended higher with Nifty closing near 17100. At close, the Sensex was up 334 points at 57459, and the Nifty was up 92 points at 17096. Morning volatility was primarily on the backdrop of RBL Bank stock which did hit a 52-week low at Rs 130 after the bank said that Vishwavir Ahuja, its managing director, and chief executive officer, had gone on leave and the RBI had appointed Yogesh K Dayal as an additional director of the bank Bottom-line: Bulls hold the rein despite FIIs selling, spiking inflation, a hawkish Fed, and overvaluation concerns. Technically, we are of the view that 17050 would be the key level for the trend following traders, above the same the uptrend formation is likely to continue till 17100-17200. On the other side, below 17050, the index could possibly see another round of correction wave up to 16950-16850 levels.
Resistance: 17100, 17200, 17300
Support: 17000, 16900, 16800
No comments:
Post a Comment