Bulls continued to dominate the market for the sixth consecutive day. NIFTY and SENSEX again made a new high today. Veterans like RELIANCE, BAJAJ FINANCE, HDFC and TATA STEEL added enthusiasm. Although there was some pressure in Midcap and Bank Nifty.
The market has seen a hat-trick of record highs. Nifty closed on the edge for the sixth consecutive day. In August, Nifty has closed at a record high 7 times so far. Today there was buying in metal, energy, FMCG shares. Midcap, small cap stocks also remained under pressure. There was also selling in banking, auto, pharma stocks.
Nifty climbed 34 points to close at 16,563. At the same time, the Sensex climbed 145 points to close at 55,583. Nifty Bank closed 75 points lower at 36,095. At the same time, the midcap fell 93 points to close at 27,508. 28 out of 50 Nifty stocks declined. 17 out of 30 Sensex stocks declined. 10 out of 12 stocks of Nifty Back declined.
Vinod Nair of Geojit Financial Services Said that the domestic markets could not sustain their sentiment and closed flat amid weak global cues. Metal stocks outperformed other stocks. Global markets have come under pressure due to weaker than expected Chinese economic data and rise in cases of corona.
Motilal Oswal’s Chandan Tapdia Says that Nifty has formed a Bullish candle on the Daily Scale and is making Higher Highs and Higher Lows for the last three trading sessions. Nifty has to stay above 16,450 to know in the zone of 16,700 -17,000. On the downside, support is visible for it at 16,350 and then at 16,300.
Ashish Biswas of CapitalVia Global Research Says that Nifty saw a slight letdown today and tried to hold support around 16,500. It will be very important for Nifty to stay above 16,500 in the short term. Deviation is visible in Nifty 50, Nifty Mid Cap and Nifty Small Cap. Hence, avoid fresh buying positions till the time the market breadth shows improvement.
Santosh Meena of Swastika Investmart It says that there is a bullish momentum in Nifty. Its immediate target is 16,650. Its next level is 6,900. On the downside, 16,500-16,650 is its immediate demand zone. Whereas in any downtrend, 16,350 will act as an important support.
Shrikanch Chauhan of Kotak SecuritiesSays that support is visible for Nifty for 16,450-16,400. As long as it stays above it, it is likely to go up to 16,600-16,640. In near future, the market may consolidate near the resistance level of 16,600.
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