Mumbai (Maharashtra) [India]: The stock market opened on a positive note on Thursday, boosted by the unanimous announcement of Prime Minister Narendra Modi's third term by the NDA.
Sensex opened with a gain of 378.59 points at 74,804.68, while Nifty opened with a gain of 105.65 points at 22,726.00.
Of the Nifty companies, 29 had a rise while 21 had a fall. NTPC, SBI, ONGC, Coal India and Power Grid were the major gainers.
On the other hand, Britannia, Hindustan Unilever, Cipla, Hindalco and Nestle India were among the top losers.Commenting on the technical performance of the market, Shrikant Chauhan, Head of Equity Research, Kotak Securities, said a sharp bounce back after initial selling.
“Technically, after selling early in the day, Nifty and Sensex found support near 21,700/21,800 levels and bounced sharply, which is a positive sign. The market climbed 880/2600 points from the lowest point of the day Moreover, it also reclaimed 22,500/50-day SMA (Simple Moving Average) level, which is also positive,'' he said.
Regarding the current situation of the market, Chauhan said that after Tuesday's huge fall, the market has been declining for a long time. He said, "This pullback may extend to 22,800 to 22,950 levels." Our broader strategy recommendation is to reduce long positions in between. If Nifty remains above 23,000, we may see some short covering in the market.“On the downside, support levels are present at 22,400 and 22,300. A close below 22,300 will extend the consolidation range to 22,000 or 21,800.
The outlook of Bank-Nifty index was also discussed. "For Bank-Nifty, it is also in an extended pullback mode, which could push the index to 49,500 or 49,800 levels. There is support at 48,500 levels, and a close below it will take the index back to 48,000," Chauhan said. May go." Can push till.
Sensex opened with a gain of 378.59 points at 74,804.68, while Nifty opened with a gain of 105.65 points at 22,726.00.
Of the Nifty companies, 29 had a rise while 21 had a fall. NTPC, SBI, ONGC, Coal India and Power Grid were the major gainers.
On the other hand, Britannia, Hindustan Unilever, Cipla, Hindalco and Nestle India were among the top losers.Commenting on the technical performance of the market, Shrikant Chauhan, Head of Equity Research, Kotak Securities, said a sharp bounce back after initial selling.
“Technically, after selling early in the day, Nifty and Sensex found support near 21,700/21,800 levels and bounced sharply, which is a positive sign. The market climbed 880/2600 points from the lowest point of the day Moreover, it also reclaimed 22,500/50-day SMA (Simple Moving Average) level, which is also positive,'' he said.
Regarding the current situation of the market, Chauhan said that after Tuesday's huge fall, the market has been declining for a long time. He said, "This pullback may extend to 22,800 to 22,950 levels." Our broader strategy recommendation is to reduce long positions in between. If Nifty remains above 23,000, we may see some short covering in the market.“On the downside, support levels are present at 22,400 and 22,300. A close below 22,300 will extend the consolidation range to 22,000 or 21,800.
The outlook of Bank-Nifty index was also discussed. "For Bank-Nifty, it is also in an extended pullback mode, which could push the index to 49,500 or 49,800 levels. There is support at 48,500 levels, and a close below it will take the index back to 48,000," Chauhan said. May go." Can push till.
