The monthly expiry day witnessed significant volatility in the market, ultimately closing marginally in the green. Nifty, after a slow start, traded within a narrow range for most of the session, settling around the upper band. The sectoral performance was mixed, with the realty and pharma sectors displaying strength. Derivative positions rollover and active trading in midcap and smallcap stocks contributed to a positive market breadth.Despite a flat start, Nifty closed near the day's high, maintaining a strong sentiment. The market is approaching a record high after three consecutive days of gains and may experience a temporary pause. However, the overall positive tone is expected to persist due to rotational buying across sectors. It is advisable to consider adding quality stocks during any intermediate pauses or dips.The sentiment is likely to remain robust as long as the index stays above 20,000, with Put writers at the 20,000 strike expected to defend this level. A drop below 20,000 could potentially weaken the sentiment. On the upside, the 20,200-20,230 range serves as a resistance zone. If breached, the index might target levels around 20,450-20,500.
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