Market Mood: The Nifty Weekly expiry showed trading within the market realm. The Nifty has a flat closing. Midcap, smallcap shares have seen enthusiasm. Midcap, small cap index has closed at a good lead. PSE, metal, were purchased in energy stocks. The oil-gas, auto, Ratti index are closed at the edge. Banking, IT and pharma shares have been seen pressure. The Sensex fell 203 points to close at 75,736. At the same time, the Nifty has fallen 20 points to close at 22,913. The Nifty Bank fell 236 points to close at 49,335. The midcap climbed 637 points to close at 51,164. 15 out of 30 shares of Sensex have seen a decline. 27 out of 50 Nifty shares rose. 9 out of 12 shares of Nifty Bank increased.
Nagraj Shetty, Senior Technical Research Analyst of HDFC Securities Says that Nifty continued the conference on Thursday and closed with a fall of 19 points at the end of the day. After a weak start, the market registered a boom in the early part and later traded in a limited range to the rest of the session. The Dal has a small positive candle at the bottom level on the chart, technically this market action is a sign of a rangebound trading in the market at the lower level.
The Nifty is currently at a strong support level located around 22700 levels (38.2% Fibonacchi Retress). The Nifty short term can catch faster when the initial barrier of the 23100 level is crossed. Therefore, there is a possibility of bounce upwards in the next 1-2 trading sessions.
Ajit Mishra of Railways Broking Says that the market remained lethargic on the day of Weekly expiry. The market almost closed after a heavy tussle. After the initial decline, the Nifty continued to fluctuate in a limited range and closed flat at 22,912.90. Sector -wise trends remained mixed. Metal, energy and auto were the most benefits. Whereas, banking and IT performed poorly. Mid and Small Cap’s outparforms continued.
Market Outlook: Sensex-NIFTY closed with a decline, know how their move can be on 21 February
The lack of coordination between two major sectors banking and IT is creating uncertainty in the market. At the same time, other sectors are not in a position to set a big trend. However, the recent boom in broader index has provided some relief. In this situation, it would be advisable to take a vigilant stance on the index. Also, there is a need to maintain full focus on banking and IT for possible signals. Meanwhile, selected shares have gained good rise in all sectors except FMCG. Traders will be advised to identify quality shares while avoiding aggressive positions.
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