Yesterday, our recommendation on ABB stock, as highlighted on niftytipsniftylevels.blogspot.com , witnessed a remarkable surge, jumping by 9%.
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In a volatile trading session, the Indian benchmark indices closed positively, with the Nifty surpassing the 22200 mark. The Sensex concluded up by 535 points at 73158, while the Nifty rose by 162 points to reach 22217. Market fluctuations were pronounced, but ultimately ended the session with a nearly one percent gain. Initially starting flat, the Nifty dipped lower following Wednesday's decline, testing the support zone of the 20-day exponential moving average (DEMA). However, sentiments shifted dramatically in the latter half, witnessing a sharp recovery in heavyweight stocks across various sectors. Consequently, the Nifty not only recovered losses but also reached a new record high. Key gainers included IT, auto, and metal sectors, while banking stocks remained largely unchanged. The broader indices also saw relief, recording gains in the range of 0.7% to 1.06%. The upward momentum suggests bullish control, advocating for a "buy on dips" strategy until the Nifty decisively breaks below the 21,800 level. Nonetheless, mixed trends persist within sectors, urging caution in stock selection and a preference for counters demonstrating higher relative strength.
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