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The Sensex and Nifty ended a four-day winning run in a choppy session on Wednesday, as losses in finance and IT outweighed gains in oil and gas meters. Broader markets mirrored losses in both major indices, each falling about half a percent. Dismal US consumer confidence data dampened investor optimism and fueled fears of a recession. Investors worldwide were awaiting key US GDP data later in the day for clues. The Sensex fell 0.28% to 53026. The 30-stock gauge lost over 560 points (over 1) to an intraday low of 52612. The Nifty also fell by a similar magnitude to 15799. Nifty ended in the negative zone after two day of gains as the late morning rally after a gap down open fizzled out towards the end of the session. At close Nifty was down 51 points at 15799. There is no clear direction in the market due to mixed global cues. While the easing of Covid restrictions in China has contributed to some positive sentiment, weak consumer data from the US has raised concerns about growth and inflation. Looking ahead, we expect market volatility to persist within a broader trading range. Markets will react to the US GDP data in early trades and then the focus would shift to the derivatives monthly expiration. With the nifty hovering around its crucial 15850 hurdle, the recent drop in the banking index points to more pain ahead. Participants should exercise caution and focus more on overnight risk management. Global stock markets tumbled for the second straight day on Wednesday, amid growing fears that policymaker’s intent on curbing inflation could plunge their economies into recession. Nifty has shown signs of a rally from the opening lows over the past few sessions. However, it is unable to build on the in-session gains. Nifty could remain in the band 15650-15925 for the next few sessions.
Resistance: 15850, 15950, 16050
Support: 15750, 15650, 15550
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