Stock market: After the initial decline, the market has seen a spectacular recovery of February 17 today. The market has closed with a mild increase in a lower level. The Sensex-Nifty has closed at the lead after a decline of 8 days. The midcap and smallcap index also saw a great recovery. The midcap index has closed around 1400 points from below. The Nifty Bank has closed around 750 points from below. Pharma, metal, PSE shares were purchased, auto, IT and FMCG stocks saw pressure. The Nifty climbed 30 points to close at 22,960. The Sensex climbed 58 points to close at 75,997. The Nifty Bank climbed 159 points to close at 49,259. Midcap climbed 196 points to close at 49,850. 20 out of 30 shares of Sensex rose. 34 out of 50 Nifty shares rose. 7 out of 12 shares of Nifty Bank saw a rise.
How can market move ahead
Asit C. Mehta Investment Intermediates Technical and AVP Rishikesh Yedve of derivatives Research Says that the Nifty index started with a decline today. But after the initial fluctuations, Nifty withdrew support at 22,780 and made good recovery. It finally closed flat at 22,960. The Voltylity Index India VIX rose 4.71 per cent to 15.72, which is a sign of market fluctuations.
From a technical perspective, Nifty has created a bullish belt hold candlestick pattern near several support zones on the daily scale, indicating strength. As long as the index remains at 22,725, the purchase strategy will be better on the decline. The 21-day simple moving average (DSMA) is acting as an immediate registration at 23,240. If the Nifty manages to move above 23,250, the short -term bottom reversal position in the market may increase further.
Similarly, Bank Nifty started with gap down today. The first half of the half-blowing has led to the selling pressure. But the second half saw a strong recovery. Due to this, the bank closed at 49,259 with Nifty edge. Technically, Bank Nifty has created a large green candle on the daily scale, which is a sign of strength. However, it is facing registration around 21-DSMA at 49,315. If remaining above this level, bank Nifty may increase to 49,650-49,750. At the same time, there is strong support at 48,500 for this at the bottom. Traders should closely monitor these levels to search for trading opportunities.
Market Outlook: After the decline of eight days, the Sensex-Nifty closes on the edge, know how their move can be on February 18
LKP Securities Senior Technical Analyst Metapors Day Says that the Nifty closed much above the lowest level of the day today. This is a sign of purchasing at the lower end of the range. However, the sentiment remains weak as the Nifty has failed to regain the important Fibonacci retracement level. In addition, the Nifty is trading below the important moving average that strengthens the recession signal. There will be a possibility of selling on the speed in the index in the short term. Until the Nifty Closing Basis decisively goes above 23,150, weakness will remain. Support is visible at 22,800 at the bottom.
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