The market traded again in the range today. Although Nifty climbed 25 points to close at 17,380. At the same time, there has been buying in mid and small cap stocks. The mid cap index closed at a record high for the fourth day in a row. Metal and FMCG remained under pressure today. However, buying in auto, consumer goods stocks remained. There was also buying in power, realty, banking stocks. Metals, FMCG stocks remained under pressure.
32 out of 50 stocks of Nifty were buying. At the same time, 17 out of 30 Sensex stocks were up. 10 out of 12 stocks of Nifty Bank gained. Nifty climbed 25 points to close at 17,380. At the same time, the Sensex climbed 69 points to close at 58,247. Nifty Bank climbed 141 points to end at 36,613 and Midcap index climbed 398 points to end at 29,872.
Nifty has given a breakout of the falling trendline and has taken support from the extended trendline. These are signs of continuation of bullish momentum in this counter. Choice Broking’s Palak Kothari Says that Nifty has taken support from 21-HMA (hourly moving average) on the overly chart and is staying above it. These are signs of bullishness in this stock.
He further added that momentum indicators like RSI and stochastic are supporting the positive movement in the index. At present, the psychological level of 17,500 can act as resistance. At the same time, support is visible for it at 17,250 on the downside.
Shrikant Chauhan of Kotak Securities It says that the market is trading in a range. The level of 17,450 can prove to be a range breakout level for the bulls. Learn above 17,450 but breakout formation is likely to continue till 17,500-17,525. On the contrary, if Nifty goes below 17,350, then we can see an intraday correction up to 17,300-17,275.
Manish Hathiramani by Deen Dayal Investments It says that Nifty is seen in the range of 17,250-17,450. As long as Nifty doesn’t break this range on either side, we will see a bearish trend in the market. However, the overall trend of the market remains positive. In such a situation, the buying strategy in the fall would be the best strategy.
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