The market closed at a near one-month low today amid fears of a second wave of Corona in India and weak global cues. The Sensex fell 871 points to close at 49,180. The Nifty dropped 265 points to close at the 14,550 level. Also, Nifty Bank recorded a fall of 891 points. The banking, metals and realty indices were the biggest losers in today’s session. Auto, FMCG and IT shares were also under pressure. Today the BSE was sold in all the sector indices. Banking, metal, realty index has fallen the most. Auto, FMCG, IT stocks are under pressure.
The Sensex has fallen 871 points to close at 49,180 in today’s trade. Waheem, the Nifty has fallen 265 points to close at 14,549. Nifty Bank has fallen 891 points to close at 33,293. The midcap has fallen 473 points to close at 23,335. 47 out of 50 stocks of the Nifty have fallen. Sensex’s 28 out of 30 stocks declined. Selling in all 12 stocks of Nifty Bank.
Taking a look at individual stocks, the shares of Aarti Industries, SAIL and Alkem Laboratories today saw a more than 100 per cent increase in volume. Long buildup was seen in Berger Paints and Aarti Industries while short buildup was seen in SRF, Bharat Forge and Dabur India.
There were over 100 such stocks on BSE which saw a new 52-week high. These stocks include Mindtree, KPIT Technologies, Inox Wind, Godrej industries, Adani Enterprises and Ambuja Cements.
In today’s business, the Nifty did not manage to make a high low setup and slipped below its 50 DEMA. The Nifty saw a fall of over 250 points at the end of trading.
Let us know what is the opinion of the market giants for tomorrow’s investment strategy
Deepak Jasani of HDFC Securities says that Indian markets have seen weakness in most parts of March. Gap down opening was seen in Nifty today. After which it declined in the morning trading session. The second round of selling came in the market after noon and the Nifty closed almost close to its intra-day low. Today the Nifty saw a decline of around 1.8 percent. He further said that the Nifty is close to 14468. Which is the make or break level for this in the near term. The decline today with lower volumes is an indication that the bottomfisher is away from the market. While Sellers expects a bounce back in the near term. In the case of a bounce back in the Nifty, a level of 14,638 will act as a register.
Ajit Mishra of Religare Broking Ltd says that the market’s command was in the hands of the buyers today. The weak global signal and the news of new variants of Corona in India had a bad impact on the market sentiment. Along with the giants, small and medium stocks declined today. Mid and small cap indices saw a decline of 1.7 per cent and 1.6 per cent respectively.
Talking about further indications, the market may see further decline with fluctuations. One reason for this is the expiry of the March contracts to be held tomorrow. It is advisable to maintain vigilance in the market.
Chandan Tapadia of Motilal Oswal Financial Services says that the Nifty opened with weakness today and was under pressure throughout the day. Sale was seen at every trend in the market. The Nifty has been unsuccessful in making our low setup for the last 2 sessions. And has slipped below its 50DEMA. The market witnessed all-round weakness today and the Nifty closed down more than 250 points. Now the Nifty will have to stick to 14,675 to move towards the 14,800 and 14,900 zones. The Nifty has immediate support downward at 14,450 then 14350.
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