Technical View: The latest tariff warning of US President Donald Trump shook the Indian equity market. The benchmark index closed at the lower level on the fourth day on 10 February. The Nifty reached close to 23,300. President Trump had earlier said that he would impose additional duty on all steel and aluminum imports in the US. The selling increased after a weak start in the Nifty 50 index. But recovery in banking shares helped reduce some intraday decline. Finally, the Nifty closed down 0.76 percent or 178.35 points to close at 23,381.60. The chartists said today’s decline may potentially drop Nifty 50 towards the next support of 23,240.
The broader indexes performed weakly from the benchmark. Nifty midcap and smallcap each declined by 2 percent.
Trent, Power Grid Corp, Tata Steel, Titan Company, ONGC were among the top losquen stocks on Nifty. While Kotak Mahindra Bank, Britannia Industries, Bharti Airtel, HCL Technologies, Tata Consumer Products were the top gainers stocks.
How can Nifty’s move be on Tuesday 11 February
Aditya Gaggar, director of Progressive Shares, said, “With a strong bearish candlestick, the index has decisively broken its major support level of 23,500. It is now indicating a possible step towards the next support level of 23,240. Between, the resistance level is reduced by 23,465. “
Metal, media, pharma, consumer durables, energy, realty fell by 2-3 percent to all sector index in red mark.
Baying in this banking stock in dealing rooms today, dealers in this legendary shares of PSU sector
Aditya Gaggar, director of Progressive shares, said, “Tariff-related trade war has continued to negatively impact Indian equity. After a dull start, the index continued to trade in the decline throughout the day. Finally, a steep decline of 178.35 points, with a steep decline of 178.35 points at 23,381.60 at 23,381.60. Closed. All sectors saw a sufficient decline. . “
How can Bank Nifty move on Tuesday 11 February
Bank Nifty Index was also seen increasing selling during the day and closed below 50,000 points.
Anshul Jain of Lakshmishree Investment said, “Bank Nifty successfully protected the 50,000 levels and demonstrated flexibility. Rejected the low -day level of the previous day, closed below it. It is indicating strength in it. Would like to faster it and move forward. “
Jain said, “The Virgin Daily CPR at 50,200 has now been a significant level to see. It is likely to have a test in the coming session. On the other hand, there is a solid support zone of 49,800-49,700 when it falls. A decisive step above 50,200 in the bank Nifty can further increase the Momentum if this happens! “
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