After the Bell: Bank shares shine after Supreme Court verdict, now what should be the strategy in the market tomorrow

After yesterday’s flat closure, on March 23, there was a strong bounce back in the Indian markets. Banking shares witnessed a sharp rise following the Supreme Court’s decision on the loan moratorium.

Today, the command of the market appeared to be in the hands of the Bulls and the Nifty closed above 14,800. While the Sensex closed above 50,000. The Sensex climbed 280 points to close at 50,051. The Nifty climbed 78 points to close at 14,815. Nifty Bank climbed 581 points to close at 34,184. The midcap climbed 205 points to close at 23,808. 28 out of 50 stocks of the Nifty rose. Sensex’s 17 out of 30 stocks gained. Nifty Bank gained 11 out of 12 stocks.

Ajit Mishra of Religare Broking says that the market has seen ups and downs today. But it managed to close with a gain of about half a percent. After a sluggish start, the market continued to trade in a range in the early hours. But after the Supreme Court’s decision on the loan moratorium, the market was full of excitement.

He further said that banking can show strength in the stock market. But at the same time there may be pressure on the market due to rising Covid cases and weak global cues, keeping in mind that investors are advised to take cautious decisions and make hedging positions.

Let us see what is the opinion of the giants on tomorrow’s market move and investment strategy.

Chandan Tapadia of Motilal Oswal It says that the Nifty has created a bullish scandal on the Daily Scale and has ruled out the Lower High Formation for the last 6 sessions. Now the index will have to hold strongly above 14,700 to go up. If this happens, we may see a level of 14,900-15,000 in the Nifty. There is immediate support for the Nifty in the zone of 15,700-14,600.

Shrikant Chauhan of Kotak Securities Has said that today the market kept swinging up and down throughout the day. But eventually managed to close above 14,800 / 50,000. 50 DMA was working as a big hurdle for the market. And it is also positive for the medium term trend of the market. Mr. Kant Chauhan says that now the Nifty / Sensex can move towards the level of 14,950 to 15,000 (50,500 / 50,700). There is still support at 14,570 for the Nifty and 49,250 for the Sensex.

Shrikant Chauhan Says that the formation of double bottom in the Bank Nifty is a positive sign. Bank Nifty can get upwards of 35,000 levels. But do make a stop loss of 33,850.

Rohit Singare of LKP Securities Says that today the Nifty managed to close above 14,800 with a gain of nearly half per cent and made a smart bullish candle on the daily chart. If the Nifty manages to stay at the current level, then it will get further gains.

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