The Nifty 50 (NIFTY50) index from the previous 8 trading sessions closed down. This was the longest phase of decline after February 2023. In such a situation, a candlestick pattern of a declining record session on Nifty is being made. Moneycontrol Sudeep Shah of SBI Securities said that the market may breathe a sigh of relief at the moment. It is a rare pattern and it is seen at the lower level of the decline.
For the next week, he is a bullish on Bharti Airtel and Redington. Shah said, “The performance of both shares has been better than the major indices.” When asked, whether the market has reached its lower level or can run up to the early correction period at 22,000, Sudeep Shah said that the market could breathe a little relief in the market after the decline of 8 consecutive sessions.
Last week, the Nifty 50 (Nifty50) index saw a decline of 2.7 %. Midcap and smallcap indices declined and faster. The Nifty Midcap 100 and the Nifty Smallcap 100 indices fell by 7.38% and 9.41% percent respectively. Talking about the big picture, the Nifty index has fallen 13 % from its all -time high, while the Nifty Midcap 100 has a decline of 18.49 %.
Whether the Bank Nifty Index may soon cross the lowest level of January, Shah said that the performance of the bank Nifty Index has been better than the major indices since the last few business sessions. Despite the recent correction, the performance of veteran stocks like HDFC Bank, ICICI Bank and Kotak Mahindra Bank has been better. From the technical perspective, all these three stocks are trading above their medium-term moving averages, which is a sign of bulish moment.
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